TECHNICALS — LME copper may extend gains into $15,869 — 16,631 range in Q4

For more Reuters technical analyses, please click TECH/C SINGAPORE, Sept 24 (Reuters) — LME copper may extend gains into the $15,869-$16,631 per metric ton range in the fourth quarter, driven by a wave c. Starting from the July 2022 low of $6,955, this wave has travelled above its 114.6% projection level of $14,345. Chances are it may maintain its momentum and extend to the 138.2% level of $15,869. The depth of the correction from the January high of $14,528 to the May low of $11,700 suggests a higher target around the 150% level of $16,631. However, the upside may not be limited to this level, as based on a projection analysis, the wave c could eventually unfold to its 161.8% level of $17,393 at its full capacity. Strategically, the target zone of $15,869-$16,631 will be confirmed when the metal breaks the nearest resistance at $14,926. On the daily chart, a projection analysis based on a wave a from $11,700 and a wave b ending at $13,008 marks a target at $15,475, which is the most conservative among all the targets. The market failed to break a resistance at $14,893, the 76.4% projection level of a wave c from $13,008. The failure triggered the second correction, which is expect