SINGAPORE: Shanghai copper may end its current rebound around a resistance at 48,300 yuan per tonne, and then drop towards a support at 47,290 yuan.
The support and the resistance are provided respectively by the 50 percent and the 23.6 percent Fibonacci retracements on the rise from the April 16 low of 45,370 yuan to the May 26 high of 49,210 yuan.
Wave pattern indicates the current rebound has been driven by a wave b, the second wave of a three-wave cycle developing from 49,210 yuan. This wave will be totally reversed by a downward wave c which may travel below 47,290 yuan.
The views expressed are his own.
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