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LME copper may test resistance at $8,021 this week

  • Support is at $7,729, a break below which could cause a fall into the range of $7,434-$7,618.
04 Jan, 2021

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.

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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