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SINGAPORE: LME copper may break a resistance at $9,555 per tonne and rise into a range of $9,694-$9,797 this week, as suggested by an inverted head-and-shoulders and a falling channel.
The pattern developed from the May 9 low of $9,139. It suggests a target of $9,797, which is pointed by the falling trendline as well.
Copper steadies near 4-1/2 month lows but demand worries linger
The correction triggered by the resistance at $9,555 is classified as a pullback towards the neckline of the inverted head-and-shoulders.
Support is at $9,405, a break below which may cause a fall into $9,163-$9,313 range.
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