SINGAPORE: LME copper may test a support at $10,041 per tonne this week, a break below which could cause a fall to $9,793.
The drop from the March 7 high of $10,845 followed the completion of a corrective wave cycle from $8,740.
A retracement analysis on the cycle reveals a resistance at $10,348, the 23.6% level, around which, the bounce from the March 15 low of $9,820 may have completed.
A break above $10,348 could lead to a gain into $10,538-$10,698 range.
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