Markets
LME copper to rebound to $9,667/T
SINGAPORE : LME copper is expected to rebound to $9,667 per tonne as an "a-b-c" corrective wave cycle has completed.
SINGAPORE: LME copper is expected to rebound to $9,667 per tonne as an "a-b-c" corrective wave cycle has completed.
A Fibonacci retracement on the fall from $9,905 to $9,520 reveals that the 38.2 percent level at $9,667 could be an immediate target, with an upside potential to $9,713, the 50 percent level.
Only deep fall below a support at $9,520 could confirm the resumption of a short-term downtrend.
Copyright Reuters, 2011
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