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Thursday, October 6, 2022

LME copper may rise into $9,694-$9,797 range this week

SINGAPORE: LME copper may break a resistance at $9,555 per tonne and rise into a range of $9,694-$9,797 this week, as suggested by an inverted head-and-shoulders and a falling channel.

The pattern developed from the May 9 low of $9,139. It suggests a target of $9,797, which is pointed by the falling trendline as well.

Copper steadies near 4-1/2 month lows but demand worries linger

The correction triggered by the resistance at $9,555 is classified as a pullback towards the neckline of the inverted head-and-shoulders.

Support is at $9,405, a break below which may cause a fall into $9,163-$9,313 range.

LME copper may rise into ,694-,797 range this week

Source: Brecorder

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