SINGAPORE: LME copper may fall to $6,145 per tonne, following its failure to break a resistance at $6,375.
The resistance is provided by the 38.2 percent retracement of the downtrend from $7,348 to $5,773. The consolidation between $6,145 and $6,375 may continue.
So long as copper remains in the range of $6,145-$6,375, signals will be rather tricky. A break below $6,145 could signal the completion of the bounce from $5,773
A break above $6,375 will not only lead to a gain to $6,561, but also confirm an inverted head-and-shoulders, which suggests a target around $6,985.
* The above analysis is based on delayed data, prediction may be affected.
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*** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
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Source: Brecorder
