Shanghai copper to rebound to 67,790 yuan/T
SINGAPORE: Shanghai copper is likely to rise further to 67,790 yuan per tonne, as indicated by a Fibonacci retracement analysis.
A short-term downtrend that started at the Sept 1 high of 68,690 yuan has been partially reversed, and it's not very certain whether this trend will resume.
The current rebound will be strong, capable of reaching the 61.8 percent Fibonacci retracement on the fall from 68,690 yuan to 66,330 yuan, as the metal tends to revisit a presumed wave "b" peak at 68,030 yuan.
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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