SINGAPORE: Shanghai copper is expected to rebound to 57,430 yuan per tonne, as a short-term downtrend developing from the Sept. 19 high of 60,480 yuan has temporarily completed at 56,260 yuan.
The completion is indicated by the brief piercing of the price below a support at 56,490 yuan, the 61.8 percent Fibonacci retracement on the rise from 54,030 yuan to 60,480 yuan.
Another Fibonacci retracement analysis on the fall from 59,330 yuan to 56,260 yuan reveals a target at 57,430 yuan, the 38.2 percent level.
No information in this analysis should be considered as being business, financial or legal advice.
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