SINGAPORE: LME copper is biased to test a resistance at $6,307 per tonne, a break above which could lead to a gain to $6,352.
The resistance is identified as the 14.6 percent retracement of the uptrend from $5,800.50 to $6,393.50. The metal failed to overcome this barrier in its first attempt. However, it has managed to stabilize around a support at $6,167 and rose towards this resistance again.
A break above $6,307 will not only lead to a gain to $6,352, but also confirm a bullish wedge, which will then suggest a target $6,600. A fall below $6,203.50 could be extended to $6,097.
* The above analysis is based on delayed data, prediction may be affected.
** Use EIKON news "Alerts" to get reports sent to your email box automatically. For guidance, click http://tmsnrt.rs/29exTKN
*** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.
Comments
Comments are closed for this article.