LME copper's target of $8,040 resumed

SINGAPORE: A bearish target at $8,040 per tonne has been resumed for LME copper as it has fallen below a support at $8,170 again.

Support is at the 61.8 percent Fibonacci projection level of a downward wave (c). It has triggered a moderate rebound, which has interrupted the progress of this wave and made signals temporarily neutral.

As this support was broken again, it is confirmed that the wave (c) has resumed towards $8,040, its 100 percent projection level.

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.