SINGAPORE: LME copper is expected to test a resistance at $6,742 per tonne, a break above which will lead to a further gain to $6,796.
A five-wave cycle from the May 28 high of $6,970 has completed.
Even though it is not clear how much this cycle could be reversed, it is still not difficult to establish a target at $6,742, the 50 percent retracement on the rise from the April 15 low of $6,513.25 to $6,970.
A further gain to $6,796, the 38.2 percent level, could even be possible.
Support is at $6,621, the 76.4 percent retracement, a break below which will cause a further loss to $6,513.
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.
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