SINGAPORE: Shanghai copper will retrace to 57,470 yuan per tonne, as it has failed a resistance at 59,820 yuan.
The resistance is the 161.8 percent Fibonacci projection level of an upward wave "c", based on the length of the wave "a" and the trough of the wave "b" at 54,800 yuan.
In addition to the completion of a five-wave cycle, a "shooting star" on the hourly candlesticks chart indicates a bearish reversal around 59,820 yuan.
An immediate target will be the bottom of the wave "4" at 57,470 yuan.
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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