LME copper technicals-watch support at $5,818

LME copper is expected to retest a support at $5,818 per tonne, with a good chance of breaking below this level and falling to the next support at $5,788.

For a chart: http://tmsnrt.rs/2tn8K9i
These supports are identified respectively as the 86.4 percent and the 76.4 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the May 8 low of $5,462.50.
The bounce caused by the support at $5,818 has apparently completed around the resistance at $5,860. The downtrend could have resumed. On the daily chart, a Fibonacci retracement analysis on the uptrend from the Jan. 15, 2016 low of $4,318 to the Feb. 13 high of $6,204 reveals a target at $5,759, the 23.6 percent level.

For a chart: http://tmsnrt.rs/2tXJurQ
A break above $5,860 (refer to the first chart) may lead to a gain to $5,905.

 

-reuters

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Pramod Baviskar

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