SINGAPORE: Shanghai copper may rebound to 45,930 yuan per tonne, as it has cleared a resistance at 45,060 yuan.
The resistance is at the 23.6 percent Fibonacci retracement on the fall from 49,610 yuan, an hourly chart high touched on March 5, to the March 12 low of 43,660 yuan. The next resistance will be at 45,930 yuan, the 38.2 percent level.
A further gain above 45,930 yuan will be less possible, as the five-wave mode on the fall 49,610 yuan indicates this fall may resume upon the completion of the rebound.
The views expressed are his own.
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.
Comments
Comments are closed.