Reuters reported that Shanghai copper is expected to rebound to CNY 57,430 per tonne as a short term downtrend developing from the September 19th 2012 high of CNY 60,480 has temporarily completed at CNY 56,260.

The completion is indicated by the brief piercing of the price below a support at CNY 56,490 the 61.8% Fibonacci retracement on the rise from CNY 54,030 to CNY 60,480.

Another Fibonacci retracement analysis on the fall from CNY 59,330 to CNY 56,260 reveals a target at CNY 57,430 the 38.2% level.

Source - Reuters

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