[t4b-ticker]

The copper collapse that started on January 17, with the first confirmed cases of Covid-19 outside China, reached $4370, with a negative performance of 25%. To be considered as a $4370 zone is a level very close to the 2016 lows ($4317). From this area a physiological rebound started, which favored a recovery of about $400 ($4780). What could happen in the next few days? The current rebound movement could potentially continue in the coming weeks with possible new zone tests of $5000 with an extension up to $5450. These two levels are associated with important technical areas. The first ($5000) is a psychological resistance (and round number), a transit zone of the bullish trendline broken down on March 18 and now resistance. The second ($5450) corresponds to the lows of May 2017 and September 2019, also broken down a few days before March 18. In addition, this level ($5450) identifies the 38.2% retracement of Fibonacci projected from 2017 highs to recent lows in the $4370 zone. So it will give essential to follow these two areas of resistance (5000$-5450$), fundamental for the future evolution of the prince of metals.

COPPER 3 MONTH $ WEEKLY