SINGAPORE: A bearish target for Shanghai copper has been adjusted to 48,700 yuan from the previous 46,320 yuan per tonne as a minor rebound from a low at 50,760 yuan has slowed a downward wave "5".
Based on a falling channel, the wave "5" will reach 48,700 yuan, as pointed by the lower channel line. Whether the downside will be extended to 46,320 yuan will largely depend upon the wave pattern developed by then.
The metal may also hover around the Sept. 29 low of 51,580 yuan for one trading session.
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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