SINGAPORE: Shanghai copper still faces a resistance at 59,820 yuan per tonne, and is expected to consolidate between 58,590 yuan and 59,820 yuan for one trading session.
The resistance is the 161.8 percent Fibonacci projection level of an upward wave "c", based on the length of the wave "a" and the trough of the wave "b" at 54,800 yuan.
The rise from the presumed wave "b" trough of 54,800 yuan is too linear to be sustainable, especially after the possible completion of a five-wave cycle.
A surge above 60,100 yuan will signal the strong bullish momentum has not dissipated and the wave "c" will extend to 61,000 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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