SINGAPORE: A bearish target at 59,240 yuan per tonne remains unchanged for Shanghai copper as it has completed a rebound from the Feb. 16 low of 58,780 yuan.
The rebound has adopted a corrective wave mode, with the wave "c" having ended at a resistance of 60,790 yuan, the 100 percent Fibonacci projection level, based on the length of the wave "a" and trough of the wave "b" at 59,240 yuan.
Strategically, the target will be available after copper dips below 59,960 yuan.
A rise above 60,790 yuan will open the way towards 61,380 yuan, the 138.2 percent projection level of the wave "c".
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