SINGAPORE: LME copper may rise towards the Feb. 25 high of $9,617 per tonne this week, as a correction from this high could have completed.
The uptrend is presumed to be steady, despite the deep drop from $9,617. A retracement analysis on the uptrend from $7,705 to $9,617 reveals a key support at $8,661, the 50% level, around which the correction ended.
Strategically, the target of $9,617 will be confirmed when copper breaks $9,166. A break below $8,661 could cause a limited fall to $8,435.
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.
Comments
Comments are closed for this article.