SINGAPORE: LME copper could revisit its Aug. 26 high of $8,318 a tonne this week, as the drop from this level has been deeply reversed.
The reversal suggests the progress of a wave C from $6,955, which is expected to travel far above $8,318, the peak of the wave A.
A retracement analysis on the fall from $10,845 reveals a break above the 23.6% level of $7,873.
Chances are the metal could rise to $8,441. Support is at $7,797, a break below which could be followed by a drop to $7,476.