SINGAPORE: LME copper is biased to break a support at $6,441 per tonne and fall into a range of $6,304-$6,389 in a week, as suggested by its wave pattern and a projection analysis.
After several failures to break the resistance at $6,525, bulls seem to have given up their attempt, as indicated by the long-shadowed black candlestick forming March 1.
Even though it is too early to conclude that an upward wave C from $5,725 has completed, a decent correction into the target zone is highly anticipated.
A break above $6,525 could lead to a gain to $6,594.
* Please be informed that the report will be published once a week on Monday.
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*** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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