LME copper may stabilize around $5,605 this week

• The support is identified as the 61.8pc projection level of a downward wave C from $6,608.50.
• A rise above a resistance at $5,669, the 61.8pc projection level of a small wave c, may signal the progress of the short trend.

SINGAPORE: LME copper may stabilize around a support at $5,605 and bounce towards $5,797 per tonne this week, as suggested by its wave pattern and a projection analysis.

The support is identified as the 61.8pc projection level of a downward wave C from $6,608.50.

A medium-term uptrend developed when copper failed to break this support on Sept. 3, 2019. Another short-term uptrend may start around this support.

A rise above a resistance at $5,669, the 61.8pc projection level of a small wave c, may signal the progress of the short trend.

A further fall from the current level may be limited to $5,510.