Shanghai copper to fall to 64,910 yuan/T
SINGAPORE: Shanghai copper will fall further to 64,910 yuan per tonne, based on its wave pattern and a Fibonacci projection analysis.
The metal is riding on a downward wave "c" , progressing towards the 138.2 percent Fibonacci projection level, based on the length of the wave "a".
Since the bearish momentum is strong, the downside could be extended to 64,350 yuan, the 161.8 percent level.
A resistance zone of 65,810-65,900 yuan is observed, a rise above which will temporarily invalidate the bearish 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
Comments
Comments are closed for this article.