Shanghai copper to drop to 57,790 yuan

SINGAPORE: Shanghai copper still eyes 57,790 yuan per tonne as it is riding a downward wave c.

This wave will extend a fall from the Sept. 14 high of 60,480 yuan, towards its 100 percent Fibonacci projection level at 57,790 yuan. A break below this will result in a further loss to 57,030 yuan, the 138.2 percent level.

Resistance is at 59,200 yuan, provided by the upper channel line of a falling channel, a break above which may trigger a gain to 59,790 yuan.

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