SINGAPORE: LME copper may hover above a support around $6,566 per tonne for one day or rebound to $6,640, as indicated by a wedge.
The lower trendline of the pattern provides the support which has held the fall. Indeed, a pullback could have been triggered towards another trendline rising from the Nov. 5 low of $6,543.50.
A drop below $6,550 could confirm the wedge as a bearish continuation pattern, which will point a target at $6,400, as pointed by the trendline parallel to the upper trendline of the wedge.
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.