LME copper to retest resistance $9,003/T
SINGAPORE: LME copper is expected to retest resistance at $9,003 per tonne, a trigger level for a further rise to $9,223.
The resistance is the 38.2 percent Fibonacci retracement on the fall from $9,905 to $8,446.25, and it has been tested in a wave (a) rebound, the first such attempt.
The second attempt, labeled as a wave (c), will push the price above the resistance towards $9,223, a 100 percent Fibonacci projection level.
Support is at $8,783, a fall below which will temporarily violate the bullish outlook.
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, 2011
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