SINGAPORE: LME copper has turned neutral, following the rise on Wednesday, and an escape from the range $7,140-$7,330 will point to a direction.
It seems the metal is consolidating within a wedge, the two trendlines of which are converging to a point. A strong move could develop early next week, after the end of the consolidation.
A rise above $7,330 will confirm the extension of the uptrend that developed from the Sept. 13 low of $7,024, while a fall below $7,140 will signal the development of a downtrend towards this low.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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