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SINGAPORE: LME copper may test a support at $9,503 per tonne this week, a break below which could cause a fall into the $9,245 to $9,374 range.
The bounce from the Dec. 15 low of $9,135 per tonne failed to extend above a resistance at $9,662, which is near the peak of a wave b.
The failure suggests a possible completion of the bounce.
A downward wave (c) from $9,920 may have resumed.
A break above $9,662 may open the way towards $9,920.
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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