Tuesday, 04 August 2015 13:47
SINGAPORE: A bearish target at 37,440 yuan per tonne remains unchanged for Shanghai copper, as it still hovers below a resistance at 38,200 yuan.
The resistance is provided by the 14.6 percent Fibonacci retracement on the fall from the June 29 high of 42,620 yuan to the July 28 low of 37,440 yuan. The gain from a low at 37,710 yuan touched on Tuesday is classified as a pullback towards this resistance.
A sudden surge to 38,270 yuan could signal the break below 38,200 yuan was false, and a rebound target will be established at 38,660 yuan, the 23.6 percent level.
