SINGAPORE: A bullish target at 61,010 yuan has been aborted for Shanghai copper, and a bearish target has been established at 54,830 yuan, a low touched on Nov. 10.
The rebound from this level was sharp, but not strong enough to go above a resistance at 59,500 yuan, a presumed wave "b" top.
Labeled as a wave "x", the rebound will be followed by a second wave "a" to eventually drive the price down to 54,000 yuan, as pointed by the lower channel line of a falling channel.
A more realistic target will be 54,830 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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