SINGAPORE: LME copper may bounce moderately into a range of $9,514-$9,670 per tonne, before falling again to retest a support at $9,261 this week.

The fall from the July 27 high of $9,924 is so deep that it strongly suggests a resumption of the downtrend from the May 10 high of $10,747.50.

Driven by a wave c, the trend may extend to $8,851.

The current bounce was triggered by the support at $9,261 and a similar one established by a short trendline. It could be short-lived.

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