SINGAPORE: LME copper may fall into a zone of $6,653-$6,700, as it has completed a bounce around a resistance at $6,883 per tonne.
The resistance is provided by the 38.2 percent projection level of a downward wave C from $7,064. The sudden fall from the April 5 high of $6,870 signals the completion of the bounce.
Making the resistance stronger is another one around $6,876 on the daily chart, which is at the 23.6 percent retracement of the uptrend from $5,462.50 to $7,312.50.
A break above $6,826 (first chart) could lead to a gain into the $6,883-$6,952 range.
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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