Markets
Shanghai copper faces strong resistance at 71,100 yuan/T
SINGAPORE : A strong resistance is observed at 71,100 yuan per tonne for Shanghai copper and prices may either hover a
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As the 100 percent Fibonacci projection level of the current wave "c" target, the resistance will prevent copper from surging more.
The metal has broken above a descending trendline, an action frequently followed by a pullback which will significantly increase the chance for a drop towards 70,000 yuan.
The views expressed are his own.
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Copyright Reuters, 2011