Thursday, 12 November 2015 13:46
SINGAPORE: Shanghai copper may break a support at 37,130 yuan per tonne and fall more to the next support at 36,870 yuan, as indicated by its wave pattern and a Fibonacci projection analysis.
These supports are provided respectively by the 114.6 percent and the 123.6 percent Fibonacci projection levels of a wave c, the third wave of a three-wave cycle from the Sept. 9 high of 41,550 yuan.
This wave may travel to 36,450 yuan, the 138.2 percent level, or to 35,780 yuan, the 161.8 percent level. Resistance is at 37,550 yuan, the 100 percent level, a break above which could lead to a gain to the 86.4 percent level at 37,940 yuan.
