LME copper may break a resistance at $6,007 per tonne and rise towards the next resistance at $6,191 in the next quarter, as suggested by its wave pattern and a Fibonacci ratio analysis.
A wave C from the April high of $6,632.92 seems to have ended around $5,475, the 61.8% retracement on the uptrend from the January 2016 low of $4,318 to the June 2018 high of $7,348.
Even though this wave looks much shorter than the preceding wave A, a projection analysis reveals that it is roughly 0.618 times the length of the wave A, the completion of the wave C looks convincing if the uptrend from $4,318 is considered intact.
Metal Tiger Plc (LON:MTR) is a London Stock Exchange AIM-listed investing company primarily focused on undervalued natural resource opportunities.In Botswana, Metal Tiger, through its JV with MOD and its interest in Kalahari Metals Limited, has a growing interest in the large and highly prospective Kalahari copper/silver belt.