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SINGAPORE: LME copper may break a support at $9,503 per tonne this week, and fall into a range of $9,245-$9,374.
The support is provided by the 38.2% projection level of a downward wave (c) from $9,920.
This wave is expected to travel into a wide range of $8,828-$9,245.
The bounce triggered by the support at $9,374 seems to have ended around a resistance at $9,662.
The wave (c) could have resumed towards its target range.
A break above $9,663 could open the way towards $9,920.
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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