SINGAPORE: A bearish target at 52,370 yuan per tonne remains intact for Shanghai copper , as indicated by its wave pattern and a Fibonacci projection analysis.
The metal is riding on a downward wave "c", which is expected to travel to 52,370 yuan, the 161.8 percent projection level, based on the length of the wave "a" and the peak of the wave "b" at 59,500 yuan.
The 100 percent projection level at 55,090 yuan provides a temporary support which will be broken below soon.
Strategically, a fall to 54,660 yuan will confirm the break as valid. 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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