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Shanghai copper targets 39,690 yuan

Shanghai copper targets 39,690 yuanSINGAPORE: Shanghai copper may break a resistance at 39,380 yuan per tonne and rise more to the Aug. 28 high of 39,690 yuan, as it seems to have found a support at 38,870 yuan.

The resistance and the support are identified respectively as the 14.6 percent and the 38.2 percent Fibonacci retracements on the rise from the Aug. 24 low of 37,530 yuan to 39,690 yuan.

The metal’s failure to fall below 38,870 yuan signals an extension of the uptrend from 37,530 yuan. A break above 39,380 yuan may confirm the extension, while a break below 38,870 yuan will cause a loss into the range of 38,360-38,610 yuan, formed by the 61.8 percent and the 50 percent levels.

Copyright Reuters, 2015

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