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LME copper may retrace towards $6,244 this week
- The support is provided by the 61.8pc projection level of an upward wave (C) from $4,371.
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SINGAPORE: LME copper may retrace towards a support at $6,244 per tonne this week, and then resume its uptrend towards a resistance zone of $6,608.50-$6,686.
The support is provided by the 61.8pc projection level of an upward wave (C) from $4,371.
This wave is far from complete. The part of the rise from $5,060 consists of five smaller waves.
The metal is riding on wave 4, which is expected to end at around $6,244, to be then reversed by wave 5.