SINGAPORE: Shanghai copper is expected to rebound to 49,810 yuan per tonne, as it refused to fall more after briefly piercing below a support at 48,940 yuan.
The support was provided by the 100 percent Fibonacci projection level of a wave c, which started at the Jan. 2 high of 52,610 yuan. The false break below this support has resulted in either a decent rebound or a bullish reversal.
The immediate rebound target is 49,810 yuan, the 76.4 percent projection level, a break above which will lead to a further gain to 50,340 yuan, the 61.8 percent level.
The views expressed are his own.
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