Shanghai copper to drop to 56,960 yuan

SINGAPORE: Shanghai copper will fall to 56,960 yuan, as it has dropped below a support at 58,060 yuan.

The support has been provided by the 100 percent Fibonacci projection level of a downward wave C, temporarily stopping this wave and blocking the way towards 56,960 yuan, the 138.2 percent level.

The gap on the hourly chart formed on Wednesday signals a strong momentum of the wave C, making the support at 58,060 yuan look very vulnerable.

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