SINGAPORE: Shanghai copper is poised to break below a support at 52,600 yuan per tonne as a rebound from this level has completed.
The support is the 100 percent Fibonacci projection level of a downward wave "c", strengthened by the lower channel line of a falling channel, and a break below it will open the way to 48,780 yuan, the 161.8 percent projection level.
A Fibonacci retracement analysis on the fall from 58,770 yuan to 52,600 yuan reveals the metal has failed a resistance at 54,960 yuan, the 38.2 percent level, indicating the completion of the rebound.
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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