SINGAPORE: A bullish target at 57,000 yuan per tonne has been established for Shanghai copper , as indicated by a triangle.
The construction of the pattern started on Oct. 21, with corrective waves unfolding one by one. Chances are high for a total of five waves to develop, eventually ending the pattern around 57,000 yuan, as pointed by the upper trendline of the pattern.
The metal may gain more from the current level as it has risen to the 50 percent Fibonacci retracement on the fall from 58,380 yuan to 52,830 yuan.
Support is at 54,000 yuan, a break below which will trigger a fall to 52,830 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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