SINGAPORE: Shanghai copper has completed a rebound from the Sept. 29 low of 51,580 yuan per tonne, and is riding on a downward wave "5" towards this level.
The rebound was so weak that it only pierced briefly above 54,960 yuan, the 23.6 percent level, signaling market sentiment is bearish and a preceding downtrend is steady.
Resistance is at 56,000 yuan, only a climb above which could confirm an inverted head-and-shoulders pattern, with a bullish target at 60,480 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.
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