Shanghai copper to drop to 66,970 yuan/T
SINGAPORE: Shanghai copper is expected to fall to 66,970 yuan per tonne, a 61.8 percent Fibonacci retracement on the rise from 65,900 yuan to 68,690 yuan.
A rebound that started at the Aug. 9 low of 63,560 yuan has completed in an "a-b-c" wave mode, with the wave "c" having managed to travel only roughly 0.618 times the length of the wave "a".
Chances are low for the wave "c" to further rise towards 69,920 yuan, the 100 percent Fibonacci projection level.
The downside could be extended to 65,900 yuan, the presumed wave "b" trough.
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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