Markets
LME copper to retest resistance $9,003/T
SINGAPORE : LME copper is expected to retest resistance at $9,003 per tonne, a trigger level for a further rise to $9,22
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The resistance is the 38.2 percent Fibonacci retracement on the fall from $9,905 to $8,446.25, and it has been tested in a wave (a) rebound, the first such attempt.
The second attempt, labeled as a wave (c), will push the price above the resistance towards $9,223, a 100 percent Fibonacci projection level.
Support is at $8,783, a fall below which will temporarily violate the bullish outlook.
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Copyright Reuters, 2011