Friday, 13 November 2015 13:14
SINGAPORE: Shanghai copper may break a support at 36,450 yuan per tonne and fall more to the next support at 35,780 yuan, as indicated by its wave pattern and a Fibonacci projection analysis.
These supports are provided respectively by the 138.2 percent and the 161.8 percent Fibonacci projection levels of a wave 3, the third wave of a five-wave cycle from the Sept. 9 high of 41,550 yuan. This wave has a fierce character and is capable of travelling to 35,780 yuan.
A bounce from the current level could be limited to 36,870 yuan, the 123.6 percent level.
