SINGAPORE: LME copper may consolidate in a narrow range of $6,889-$6,959 per tonne for one day before rising towards $7,015.
The range is formed by the 23.6 percent and the 38.2 percent retracements of the downtrend from $7,253 to $6,777.
The bounce from $6,777 looks incomplete, it may consist of three waves.
The second wave labelled b may end in the range, to be then reversed by an upward wave c
A break below $6,889 could confirm an extension of the wave b towards $6,847, while a break above $6,959 could confirm the target at $7,015.
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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