SINGAPORE: LME copper may break a resistance at $8.19 per tonne and rise into a range of $8,096-$8,200 this week, as suggested by its wave pattern and a projection analysis.
The metal has completed a correction from the Jan. 8 high of $8,238 around a support at $7,727. The correction was driven by a wave 4, which is expected to be reversed by the current wave 5.
A bullish wedge has been confirmed. It signals a continuation of the uptrend. A drop from the current level may be limited to $7,908.
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