LME copper to fall to $8,518/T
SINGAPORE: A bearish target at $8,518 per tonne has been established for LME copper , as there will be no support above this level.
The metal has fallen below an ascending triangle, and is pulling back towards the lower trendline of the pattern, with a limit at $8,880.
However, a triangle is normally the least reliable pattern, thus a chance is there for copper to stand above $8,900, a level that may trigger a further gain to $9,003.
Strategically, a fall below $8,700 is needed to confirm the move towards $8,518.
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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