SINGAPORE: LME copper may revisit its May 10 high of $10,747.50 this week, as more than 76.4% of the drop from this level has been reversed.
A retracement analysis on the drop reveals the resistance at $10,274, the 76.4% level, which is the last strong barrier towards $10,747.5. It also reveals a higher resistance at $10,474, which is strengthened by the resistance at $10,453.
The metal may retreat towards the range of $10,065-$10,213 first, before retesting these resistances.
Copper falls on firmer dollar as Fed tapering looms
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.