SINGAPORE: LME copper may retrace into a range of $5,992-$6,024 per tonne this week, as it failed to break a resistance at $6,075.
The resistance is provided by the 138.2% projection level of an upward wave c from $5,776. Working together with this barrier is another one at $6,072, the 38.2% retracement on the downtrend from $6,608.50 to $5,740.
When copper failed to break $6,072 in its first attempt on June 11, it started a very deep correction. The current two resistances may cause another correction. Upon the completion of the correction in the target range, copper may resume its uptrend towards $6,174.
A break above $6,075 could confirm the continuation of the uptrend towards $6,174.
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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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