SINGAPORE: LME copper is expected to revisit its Tuesday low of $7,785 per tonne as a rebound from the Feb. 22 low of $7,796 has completed.
The rebound has adopted an irregular flat pattern, consisting of three waves labelled a, b, c, with the wave c slightly longer than the wave a.
A Fibonacci retracement analysis on the fall from the Feb. 15 high of $8,266 to $7,796 reveals a resistance at $7,907, the 23.6 percent retracement level, only a break above which lead to a further gain to $7,976, the 38.2 percent level.
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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