SINGAPORE: LME copper may fall into $8,435-$8,661 range this week, as it has cleared a support at $8,887 per tonne.
The correction from the Feb. 25 high of $9,617 consists of three waves. The current wave c may travel to $8,435, the 61.8% retracement of the uptrend from $7,705.
A break above $8,887, now a resistance, could lead to a gain to $9,000, a higher resistance established by the upper trendline of a wedge.
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.
Comments
Comments are closed for this article.