SINGAPORE: Shanghai copper third month may rise to 48,120 yuan per tonne, as it has cleared a resistance at 47,420 yuan.
The resistance was provided by the 14.6 percent Fibonacci projection level of an upward wave c, which started at the Oct. 17 low of 46,270 yuan and is presumably the third wave of a three-wave cycle that developed from the March 12 low of 43,740 yuan.
The next resistance will be at 48,120 yuan, the 23.6 percent level. A fall below 47,420 yuan, now a support, could signal the completion of the rebound from 46,270 yuan.
** 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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