SINGAPORE, Feb 28 – LME copper looks neutral in a range of $5,888- $5,963 per tonne, and an escape could suggest a direction.
For a chart: http://tmsnrt.rs/2m0bQgc
The range is formed by the 76.4 percent and the 50 percent Fibonacci projection levels of a downward wave (c), the third wave of a three-wave cycle from the Feb. 13 high of $6,204.
A break below $5,888 could confirm the extension of the cycle towards $5,780, which is suggested by a falling channel. A break above $5,963 may lead to a gain into the range of $5,997-$6,038.
The bias could be towards the downside.
* Use EIKON news “Alerts” to get reports sent to your email box automatically. For guidance,
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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. ** (Reporting by Wang Tao; Editing by Vyas Mohan)