SINGAPORE: LME copper may bounce to $6,063 per tonne this week, as it failed to break a support at $5,934.
The support is identified as the 76.4pc retracement on the uptrend from $5,725 to $6,608.50.
A rising trendline provides a similar support as well.
The metal is expected to bounce towards a resistance at $6,063 or at least hover above $5,934 for a few days.
A fall below the May 23 low of $5,880 could confirm a break below $5,934 and a bearish target at $5,725 will be established then.
Please be informed that the report will be published once a week on Monday.
Charts are not available in reports received in email box through "Alert".
To get charts, use the news code of TECH/C to retrieve the original reports.
Wang Tao is a Reuters market analyst for commodities and energy technicals.
The views expressed are his own.
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.
Comments
Comments are closed for this article.