SINGAPORE: LME copper may rise towards the Feb. 25 high of $9,617 per tonne this week, as a correction from this high could have completed.
The uptrend is presumed to be steady, despite the deep drop from $9,617. A retracement analysis on the uptrend from $7,705 to $9,617 reveals a key support at $8,661, the 50% level, around which the correction ended.
Strategically, the target of $9,617 will be confirmed when copper breaks $9,166. A break below $8,661 could cause a limited fall to $8,435.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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