SINGAPORE: A bearish target at $8,040 per tonne has been resumed for LME copper as it has fallen below a support at $8,170 again.
Support is at the 61.8 percent Fibonacci projection level of a downward wave (c). It has triggered a moderate rebound, which has interrupted the progress of this wave and made signals temporarily neutral.
As this support was broken again, it is confirmed that the wave (c) has resumed towards $8,040, its 100 percent projection level.
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