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imageSINGAPORE: Shanghai copper may retrace to 50,450 yuan per tonne, as it failed to break a resistance at 50,880 yuan.

The resistance is provided by the 76.4 percent Fibonacci retracement on the fall from 51,580 yuan, an hourly chart high touched on July 3 and the Aug. 15 low of 48,620 yuan.

Copper could be pulling back towards a trendline descending from 51,580 yuan. However, a break below the support at 50,450 yuan, the 61.8 percent retracement, will lead to further loss to 50,100 yuan, the 50 percent retracement.

A break above 50,880 yuan will open the way towards 51,580 yuan.

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.

Copyright Reuters, 2014

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