Thursday, 20 August 2015 10:34
SINGAPORE: Shanghai copper is expected to break a support at 38,050 yuan per tonne, and fall to the next support at 37,590 yuan, as it could have completed a rebound from the Aug. 19 low of 37,960 yuan.
The rebound only briefly extended above 38,510 yuan, the 61.8 percent Fibonacci projection level of an upward wave C which started at the Aug. 7 low of 37,310 yuan.
The current consolidation below the support suggests copper may retest the support at 38,050 yuan, the 38.2 percent level. A break above 38,510 yuan, however, will lead to a gain to 38,790 yuan, the 76.4 percent level.
