SINGAPORE: Shanghai copper will be neutral so long as it remains in a range of 56,600-61,010 yuan per tonne.
A short-term uptrend may be established, as the retracement from 61,010 yuan to 56,600 yuan along with the rise from the Oct. 21 low of 50,760 yuan may develop into a bullish flag.
A fall below 56,600 yuan will confirm the correction from 61,010 yuan has extended, with a bearish target at 54,680 yuan, the 61.8 percent Fibonacci retracement on the rise from 50,760 yuan to 61,010 yuan.
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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