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Wednesday, December 8, 2021

Shanghai copper to fall to 38,510 yuan

Shanghai copper to fall to 38,510 yuanSINGAPORE: Shanghai copper is expected to break a support at 38,790 yuan per tonne and fall more towards the next support at 38,510 yuan, due to the completion of a five-wave cycle from the Aug. 7 low of 37,310 yuan.

These supports are identified respectively as the 76.4 percent and the 61.8 percent Fibonacci projection levels of the cycle, which could be eventually reversed over the next few days.

Resistance is at 39,250 yuan, the 100 percent level, a break above which could lead to a gain to the 39,710 yuan, the 123.6 percent level.

Copyright Reuters, 2015

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