SINGAPORE: LME copper may test a resistance at $9,920 per tonne this week, a break above which could lead to a gain to $10,193.
The metal has broken a resistance at 9,662. The break suggests the progress of a wave (c), which may travel to $10,193.
This is the third wave of a presumed three-wave cycle from $8,740.
However, a realistic target will be $9,920. A break below $9,662, now a support, may cause a fall into $9,374-$9,503 range.
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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