SINGAPORE: Shanghai copper is poised to fall to 52,600 yuan per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.
The metal is riding on a downward wave "c", which is advancing towards the 100 percent Fibonacci projection level, based on the length of the wave "a" and the peak of the wave "b" at 58,780 yuan.
The lower channel line of a falling channel also points to the same target.
Resistance is at 55,820 yuan, a break above which will invalidate the bearish target, and a bullish target at 57,000 yuan will be established.
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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