Shanghai copper is expected to end its current rebound around a resistance at CNY 55,160 per tonne as indicated by its wave pattern and a Fibonacci retracement analysis.

The rebound has been triggered by a support at CNY 53,960 the 100% Fibonacci projection level of a downward wave (3)-3, which is supposed to eventually travel to CNY 52,340 its 161.8% projection level. A rise above CNY 55,160 will be limited to CNY 55,490 the 61.8% retracement.