SINGAPORE: LME copper is neutral as it continues to hover around a pivotal support at $6,800 per tonne -- a barrier to a further fall towards $6,000.
Both the wave pattern and a falling channel indicate a steady medium-term downtrend, and the current wave (5) is expected to eventually travel to $6,000.
Strategically, the metal needs to break below a minor support at $6,635, a previous trading session low, to confirm the move towards $6,000.
Resistance is at $7,036, a rise above which will violate the bearish outlook.
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
Comments
Comments are closed for this article.