Friday, 04 September 2015 11:27
SINGAPORE: LME copper may break a support at $ 5,186 per tonne and fall further towards the next support at $ 5,060, as indicated by its wave pattern and a Fibonacci retracement analysis.
These supports are provided respectively by the 38.2 percent and the 23.6 percent Fibonacci retracements on the fall from the July 9 high of $ 5,722.50 to the Aug. 24 low of $ 4,855.
The rally from $ 4,855 could be broken down into five small waves, signalling it could have completed, or its first leg has ended, if it extends. A moderate bounce may be triggered when copper slides to $ 5,186.
