Shanghai copper eyes 67,910-68,380 yuan/T range
SINGAPORE: Shanghai copper will zigzag up into a range of 67,910 - 68,380 yuan per tonne as an upward wave "c" is progressing.
The wave "c" is the second upward leg of the rebound that started at the Aug 9 low of 63,560 yuan, and is capable of reaching 67,910 yuan, the 50 percent Fibonacci projection level, based on the length of the wave "a".
Market sentiment is cautious, as a result, the rise towards the target range will be slow, with minor retracements seen in the process.
Support is at 66,840 yuan, a break below which will extend to 66,360 yuan, but this moderate retracement will not violate the development of the upward wave "c".
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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