SINGAPORE: LME copper may keep hovering above a support range of $5,704-$5,797 per tonne this week, and seek chance to bounce towards $5,989.
The range is formed by the 76.4% retracement on the downtrend from $10,190 to $4,318 and the 50% projection level of a downward wave C from $6,608.50.
The metal narrowly missed $6,608.50 on June 11. It may approach this level again, as the bounce from the June 7 low of $5,740 may consist of three waves. So far, only the first wave has completed.
A break below $5,704 may cause a loss limited to $5,605.
* Please be informed that the report will be published once a week on Monday.
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*** 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. **
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