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SINGAPORE: LME copper may break a resistance at $9,166 per tonne and rise towards the Feb. 25 high of $9,617 this week.
A correction from this high could have completed around a key support at $8,661, the 50% retracement of the uptrend from $7,705 to $9,617. The uptrend may have resumed.
Wave pattern suggests the progress of a wave (5), which is expected to travel above $9,617. A break below $8,887 could cause a fall into the range of $8,435-$8,661.
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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