Market: Copper
Trend: Increasing
Interval: H1
Levels:
Support – 7162
Resistance – 7409, 7456, 7619

Description:

What has to be mentioned is that after breaking the mentioned level the market returned to its increase movement finding support on the previously broken level.

Currently the market is within the boarders of the mentioned level, with the addition of the 61.8% level of the current increase run (Pic. 2). What can this mean?

This means that the power of the bulls is growing, but it is hard to state how strong they are. In the short term I believe that if the 7409 level is broken then the next stop could be 7619. Within the boarders of this level the market will decide whether the bulls are strong enough to go even higher.

On the other hand investors should keep in mind that the 7409 level may not be broken, but the market will inform investors by forming a pro decrease candlestick formation.

Pic. 1

Pic. 2

Omar Arnaout