OREANDA-NEWS. March 11, 2015. Shanghai copper may test a support at 42,240 yuan per tonne, a break below which will lead to a further loss to 41,600 yuan.

The rebound from the March 9 low of 41,670 yuan may have completed around a resistance at 42,640 yuan, the 14.6 percent Fibonacci retracement on the rise from the Jan. 30 low of 38,890 yuan to the March 2 high of 43,280 yuan.

A drop has been triggered by the resistance, towards the 23.6 percent level at 42,240 yuan, a break below which could cause a further loss to 41,600 yuan, the 38.2 percent level.

A rise to 42,760 yuan may confirm a break above 42,640 yuan, and the 43,280 yuan level will be targeted.