SINGAPORE: LME copper may break a support at $5,605 per tonne and fall towards $5,369 this week, driven by a downward wave C.
This wave started at $6,608.50. It is capable of traveling into the $4,986-$5,605 range, formed by its 100% and 61.8% projection levels.
Indeed, the metal is approaching $5,605. A retracement analysis on the downtrend from $10,190 to $4,318 indicates a further fall to $5,369, as copper has broken the support at $5,704.
Resistance is at $5,797, a break above which could lead to a gain to $5,989.
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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. **