SINGAPORE: LME copper will fall further to $7,643 per tonne as indicated by its wave pattern and a Fibonacci projection analysis.
The metal is riding on a downward wave "c", progressing towards $7,643, the 100 percent Fibonacci projection level, based on the length of the wave "a" and the peak of the wave "b" at $8,050.
Resistance is at $8,050, a rise above which will signal the resumption of the preceding uptrend that developed from the Oct. 20 low of $6,710, with a target at $8,280.
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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