Tuesday, 18 August 2015 10:56
SINGAPORE: Shanghai copper is expected to drop to 38,510 yuan per tonne, as it is riding on a downtrend towards the Aug.7 low of 37,310 yuan.
The trend is considered as a continuation of a bigger downtrend preceding the rebound from the July 28 low of 37,440 yuan. A Fibonacci projection analysis reveals an immediate support at 38,790 yuan, the 76.4 percent level, which could be broken on Tuesday.
The next support will be at 38,510 yuan, the 61.8 percent level, a break below which will lead to a further loss to the 38.2 percent level at 38,050 yuan.
