Reuters reported that Shanghai copper is expected to end its current rebound around resistance at CNY 50,610 per tonne as indicated by its wave pattern and a Fibonacci ratio analysis.
Resistance is provided by the 50% Fibonacci retracement on the fall from CNY 53,650 to CNY 47,560. It is strengthened by another one at CNY 50,650 established by the 161.8% Fibonacci projection level of an upward wave c.
The motive wave mode on the fall from CNY 53,650 and the corrective wave mode on the rise from CNY 47,560 suggest a further gain from the current level may be capped in the resistance zone of CNY 50,610 to CNY 50,650.
