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Shanghai copper may retest support at 38,370 yuan

Shanghai copper may retest support at 38,370 yuanSINGAPORE: Shanghai copper may end its current bounce around resistance at 38,650 yuan per tonne, and then retest support at 38,370 yuan.

Resistance is provided by the 61.8 percent Fibonacci retracement on the rise from the Sept. 29 low of 37,550 yuan to the Oct. 12 high of 40,420 yuan, and support by the 76.4 percent Fibonacci projection level of downward wave c.

This is the third wave of a three-wave cycle from 40,420 yuan. It may travel to 37,950 yuan, its 100 percent Fibonacci projection level. A break above 38,650 yuan could lead to a gain to 38,830 yuan, the 50 percent projection level.

Copyright Reuters, 2015

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