LME copper may test support at $6,022 this week

SINGAPORE: LME copper may test a support at $6,022 per tonne this week, a break below which could open the way towards the next support at $5,792.

These supports are respectively provided by the 23.6 percent and the 38.2 percent projection levels of a downward wave C from $6,393.50. The wave C is expected to travel into a range of at least $5,420-$5,792.

A break below $6,022 will also confirm a wedge developing from Sept. 4, which suggests a target around $5,606. So long as copper stays above the Dec. 14 low of $6,078, it is likely to bounce towards $6,283, as pointed by the upper trendline of a wedge.

Please be informed that the report will be published once a week on Monday.