SINGAPORE: Shanghai copper may rebound moderately to a resistance at 47,960 yuan per tonne, before either gaining further towards 48,270 yuan or falling towards the support at 47,570 yuan.
It is not very clear if the rebound from 46,950 yuan, an hourly chart low on Oct. 10, has completed, because so long as copper remains above this low, the chance of an extension of the rebound could not be wiped out.
A Fibonacci retracement on the fall from 49,580 yuan, a close price on the hourly chart on Sept. 17, to 46,950 yuan reveals the support at 47,570 yuan, the 23.6 percent level, which has triggered a moderate rebound towards 47,960 yuan, the 38.2 percent level.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. 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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