SINGAPORE: LME copper will fall below a pivotal support at $6,800 per tonne either on Wednesday or Thursday, and head towards $6,000 thereafter.
A medium-term downtrend is intact as indicated by both the wave pattern and a falling channel, and a downward wave (5) is expected to travel to $6,000 eventually.
The consolidation above $6,800 could be approaching an end, and to confirm the move towards $6,000, the metal needs to fall below $6,730.
A rise above $7,020 will extend to $7,200.
** 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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