SINGAPORE: A bullish target at 59,350 yuan per tonne remains intact for Shanghai copper as the metal has cleared a resistance at 57,880 yuan.
The resistance is at the 100 percent Fibonacci projection level of an upward wave C, which started at 54,030 yuan. The break above this level has opened the way to 59,350 yuan, the 138.2 percent level.
However, due to the completion of a five-wave cycle on the rise from 55,770 yuan to the Wednesday high of 58,610 yuan, copper may retrace moderately to 57,880 yuan and hover above this level before rallying again.
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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