AVN 67.25 Increased By ▲ 2.40 (3.7%)
BOP 8.85 Increased By ▲ 0.15 (1.72%)
CHCC 127.50 Increased By ▲ 3.29 (2.65%)
DCL 9.16 Increased By ▲ 0.26 (2.92%)
DGKC 102.36 Increased By ▲ 1.47 (1.46%)
EFERT 61.66 Increased By ▲ 0.06 (0.1%)
EPCL 44.68 Increased By ▲ 1.68 (3.91%)
FCCL 20.64 Increased By ▲ 0.24 (1.18%)
FFL 14.28 Increased By ▲ 0.46 (3.33%)
HASCOL 14.04 Increased By ▲ 0.47 (3.46%)
HBL 129.70 Increased By ▲ 0.88 (0.68%)
HUBC 79.25 Increased By ▲ 0.75 (0.96%)
HUMNL 6.49 Decreased By ▼ -0.01 (-0.15%)
JSCL 23.19 Increased By ▲ 0.89 (3.99%)
KAPCO 28.14 Increased By ▲ 0.51 (1.85%)
KEL 3.70 Increased By ▲ 0.09 (2.49%)
LOTCHEM 12.70 Increased By ▲ 0.23 (1.84%)
MLCF 37.32 Increased By ▲ 0.80 (2.19%)
OGDC 103.41 Increased By ▲ 5.87 (6.02%)
PAEL 32.00 Increased By ▲ 1.15 (3.73%)
PIBTL 12.17 Increased By ▲ 0.29 (2.44%)
PIOC 86.00 Increased By ▲ 2.50 (2.99%)
POWER 9.26 Increased By ▲ 0.09 (0.98%)
PPL 93.70 Increased By ▲ 5.78 (6.57%)
PSO 195.00 Increased By ▲ 4.72 (2.48%)
SNGP 42.90 Increased By ▲ 0.16 (0.37%)
STPL 13.40 Increased By ▲ 0.15 (1.13%)
TRG 57.44 Increased By ▲ 4.54 (8.58%)
UNITY 23.55 Decreased By ▼ -0.07 (-0.3%)
WTL 1.02 Increased By ▲ 0.02 (2%)
BR100 4,249 Increased By ▲ 54.68 (1.3%)
BR30 21,378 Increased By ▲ 289.91 (1.37%)
KSE100 40,902 Increased By ▲ 524.5 (1.3%)
KSE30 17,268 Increased By ▲ 251.72 (1.48%)

SINGAPORE: LME copper may rise into a range of $6,072-$6,126 per tonne this week, driven by a wave c.

This is the third wave of a three-wave cycle from $5,740. It may end around either $5,998 or $6,126. After a shallow correction triggered by $5,998, it approached this level again. It does not seem to end around $5,998.

A retracement analysis on the fall from $6,608.05 to $5,740 reveals a break above the resistance at $5,945, the 23.6% level. Based on this analysis, copper may rise to $6,072.

Only a break below $5,919 could signal the completion of the wave c. A bearish target range of $5,791-$5,870 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. **

Copyright Reuters, 2019