SINGAPORE: Shanghai copper will fall to 52,460 yuan per tonne, based on its wave pattern and a Fibonacci projection analysis.
The metal is still riding on a downward wave "C", advancing towards the 161.8 percent Fibonacci projection level, based on the length of the wave "A" fall from 73,590 yuan to 63,560 yuan, and the wave "B" peak at 68,690 yuan.
The 138.2 percent Fibonacci projection level at 54,830 yuan has provided a temporary support, triggering a weak rebound that will be limited to 56,450 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.
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