SINGAPORE: A bearish target at 51,780 yuan per tonne remains unchanged for Shanghai copper, as indicated by its wave pattern and a Fibonacci projection analysis.
The analysis reveals a resistance at 53,010 yuan, the 138.2 percent projection level, which has successfully stopped a wave 5, the final component wave of the bigger wave C.
The completion of the wave 5 has also marked the end of a rebound from the June 25 low of 47,280 yuan. A downtrend may be established over the next few trading sessions.
An immediate support will be at 51,780 yuan, the 100 percent projection level.
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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