SINGAPORE: LME copper may retest a resistance at $6,826 per tonne, as suggested by its wave pattern and a projection analysis.
The resistance is provided by the 50 percent projection level of a downward wave C from $7,064. This wave has ended around $6,555.
The bounce from the March 28 low of $6,605 looks incomplete, as it may consist of three waves. So far, only two have unfolded. The third wave labelled c is capable of travelling above $6,826.
Support is at $6,700, a break below which could cause a loss limited to $6,653.
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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