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.
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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. **