SINGAPORE: LME copper may break a support at $9,449 per tonne this week, and fall towards $9,212.
The deep fall from the Oct. 18 high of $10,452.50 is driven by a wave C, the third wave of a three-wave cycle from the May 10 high of $10,747.50.
This wave may travel into a wide range of $8,445-$9,212.
Its performance over the past two weeks increases the chance of a fall to $8,445. Minor bounce may occur around $9,212.
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.
Source: Brecorder
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