Shanghai copper to drop to 62,490 yuan/T
SINGAPORE: Shanghai copper will fall to 62,490 yuan per tonne, as a downward wave "C" is progressing.
This wave is the second downward leg of an "A-B-C" wave cycle that ran from the Aug. 1 high of 73,590 yuan.
A Fibonacci projection analysis reveals an immediate target at 62,490 yuan, the 61.8 percent level, based on the length of the wave "A" and the peak of the wave "B" at 68,690 yuan.
A rebound from the current level will be limited to a resistance at 64,700 yuan.
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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