SINGAPORE: LME copper is expected to break a support at $6,145 per tonne and fall to the next support at $6,003, as its consolidation in the range of $6,145-$6,375 is ending.
The range is formed by the 23.6 percent and the 38.2 percent retracement of the downtrend from $7,348 to $5,773. A falling trendline from $6,393.50 passing through two lower highs suggests either the formation of a flag or a completion of the uptrend from $5,773. In either case, copper is highly likely to fall to $6,003.
Resistance is at $6,247, the 23.6 percent retracement of the uptrend from $5,773 to $6,393.50, a break above which could lead to a gain to $6,375.
* 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
