SINGAPORE: LME copper may test a resistance at $8,021 per tonne this week, a break above which could open the way towards $8,202.
The resistance is identified as the 176.4% projection level of an upward wave 3 from $6,672.
The correction triggered by this barrier looks too shallow to indicate a completion of this wave.
Instead, the wave 3 could have resumed.
Support is at $7,729, a break below which could cause a fall into the range of $7,434-$7,618.
Copper report is published weekly on Monday.
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