Shanghai copper still targets 61,030 yuan/T
SINGAPORE: A bearish target at 61,030 yuan per tonne is unchanged for Shanghai copper with a downside potential at 58,660 yuan.
The metal is riding on a downward wave "C" , rapidly progressing towards 58,660 yuan, a 100 percent Fibonacci projection level, as the wave "C" will travel at least the same length as the wave "A".
A fall below a support at 61,030 yuan, the 76.4 percent projection level, will signal the metal has cleared the last barrier on the move towards 58,660 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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