SINGAPORE: LME copper may break a resistance at $5,797 per tonne and rise towards $5,989 this week, as it has found a strong support zone of $5,063-$6,704.
The zone is formed by the 61.8% projection level of a downward wave C from $6,608.50 and the 23.6% retracement of the uptrend from $4,318 to $7,254.
Over the past two weeks, the metal has been managing to hover above this zone. That indicates the wave C may have temporarily completed.
A break below $5,704 could cause a fall to $5,605.
* Please be informed that the report will be published once a week on Monday.
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*** 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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