SINGAPORE: A bullish target has been shifted to 68,940 yuan per tonne for Shanghai copper from the previous 68,020 yuan.
The metal is expected to break above a strong resistance at 68,020 yuan, jointly provided by the 50 percent Fibonacci retracement on the fall from 71,920 yuan to 64,110 yuan and a descending trendline passing through the peaks of the wave (b) and the wave "b".
A break above the resistance will trigger a further gain to the 61.8 percent Fibonacci retracement.
Retracement will be limited to 66,970 yuan.
Wang Tao is a Reuters market analyst for commodities and energy technicals. 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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