Shanghai copper to end rebound at 66,030 yuan/T
SINGAPORE: Shanghai copper is expected to end the current rebound at a resistance of 66,030 yuan per tonne, the high of a resistance zone of 65,900-66,030 yuan.
The zone was formed by the Aug. 22 low and the 38.2 percent Fibonacci retracement on the fall from 68,170 yuan to 64,700 yuan, serving as a strong barrier that will force the metal to fall back to the Thursday low of 64,700 yuan.
A rise above 66,030 yuan will extend to 66,440 yuan, the 50 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.
Copyright Reuters, 2011
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