Wednesday, 05 August 2015 13:06
SINGAPORE: Shanghai copper may retest resistance at 38,410 yuan per tonne as indicated by its wave pattern and a Fibonacci projection analysis.
The metal could be riding on a wave C, the third wave of a three-wave cycle that developed from the July 28 low of 37,440 yuan. At its full capacity, this wave may travel to 39,610 yuan, the 100 percent projection level.
The immediate resistance is at 38,410 yuan, the 38.2 percent level, which has caused a correction that may end around the 14.6 percent level at 37,950 yuan. A drop to 37,850 yuan may be extended to 37,670 yuan.
