SINGAPORE: LME copper may fall into a range of $7,419-$7,542 a tonne this week, as it has completed a bounce from the July 15 low of $6,955.
The bounce adopted a zigzag mode, consisting of three waves, with the wave C and the wave A almost equal.
This relation, along with the deep drop form the Nov. 14 high of $8,600, confirms a completion of the bounce and a resumption of the downtrend.
The wave B ended at $7,220, which works as a target.
Copper climbs on dollar weakness, gains capped by six-year high charges
A realistic target will be either $7,542 or $7,419. Resistance is at $8,062, a break above which could lead to a gain to $8,261.
Comments
Comments are closed.