SINGAPORE: LME copper may break a resistance at $6,944 per tonne and rise more to the next resistance at $6,993, as suggested by a double-bottom and a Fibonacci ratio analysis.
The first resistance is identified as the 100 percent projection level of a downward wave (c) while the second as the
50 percent retracement of the uptrend from $6,733 to $7,253.
A small double-bottom forming around $6,856 suggests a target around $7,054. This pattern signals a completion of the downtrend from $7,193.
A correction may be limited to a support at $6,885. Such a correction is unlikely to occur as the metal has failed twice to break the support at $6,856.
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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