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Thursday, March 23, 2023

Shanghai copper may bounce to 38,230 yuan

Shanghai copper may bounce to 38,230 yuanSINGAPORE: Shanghai copper may bounce to a resistance at 38,230 yuan per tonne as it seems to have found a support around 37,940 yuan.

The resistance and the support are identified respectively as the 76.4 percent and the 86.4 percent Fibonacci retracements on the rise from the Sept. 29 low of 37,550 yuan to the Oct. 12 high of 40,420 yuan.

Strengthening the support is another one around 37,800 yuan, which has been established by the trendline rising from the Aug. 7 low of 37,310 yuan. A drop to 37,800 yuan may be extended to 37,550 yuan.

Copyright Reuters, 2015

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