SINGAPORE: A bullish target at 57,000 yuan per tonne is unchanged for Shanghai copper as it is still consolidating within a triangle.
The symmetrical triangle started to develop on Oct. 21, with a final wave "e" climbing towards the upper trendline, indicating a target of about 57,000 yuan.
Support is at 54,800 yuan, a drop below which will signal the presumed wave "e" could be a wave "2" that has completed around 55,610 yuan, the 50 percent Fibonacci retracement on the fall from 58,380 yuan to 52,830 yuan.
The metal will then head towards 53,000 yuan, a target indicated by the lower trendline of the triangle.
No information in this analysis should be considered as being business, financial or legal advice. 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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