SINGAPORE: Shanghai copper would be rangebound between 63,560 yuan and 67,390 yuan per tonne over the next few trading sessions and will retrace to 65,460 yuan on Wednesday.
The completion of a five-wave cycle on the fall from 73,590 yuan to 63,560 yuan has triggered a rebound, which failed a strong resistance at 67,390 yuan, the 38.2 percent Fibonacci retracement.
The metal would retrace to 65,460 yuan, the 50 percent Fibonacci retracement on the rebound from 63,560 yuan to 67,350 yuan, as an accumulation of strength to retest the resistance.
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.
Copyright Reuters, 2011
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