SINGAPORE: Shanghai copper will fall further to 55,880 yuan per tonne, with a potential downside at 54,680 yuan.
A rebound from the Oct. 21 low of 50,760 yuan has been confirmed over, by a failure of the metal to sustain above a resistance at 59,730 yuan, the 50 percent Fibonacci retracement on the fall from 68,690 yuan to 50,760 yuan.
A Fibonacci retracement analysis on the rise from 50,760 yuan to 61,010 yuan reveals an immediate target at 55,880 yuan, the 50 percent level, a fall below which will be extended to 54,680 yuan, the 61.8 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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