SINGAPORE: LME copper may break a support at $6,345 per tonne and fall into a range of $6,225-$6,304 in a week, as suggested by its wave pattern and a projection analysis.
A wave C from $5,725 could have completed around a resistance at $6,525, its 138.2 percent projection level, as this wave could be broken down into five smaller waves.
In the meantime, an irregular flat from $5,773 has ended as well. It is a bit strange that the wave C stopped around its 138.2 percent level, as a wave C quite often peaks around the 161.8 percent level.
Unless copper breaks above $6,441 and rises further, the depth of the fall from the Feb. 25 high of $6,540 could be good enough to signal a reversal of the uptrend. A break above $6,441 may lead to a gain to $6,525.
* Please be informed that the report will be published once a week on Monday.
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*** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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