02 SEPTEMBER 2014Business Recorder
LME aluminium due for a good correction
Edited by : AL CIRCLE
1 min read
LME aluminium is due for a good correction as a five-wave cycle from the May 21 low of $1,754.75 may peak around a resistance at $2,129.
The resistance is at the 161.8 percent Fibonacci projection level of an upward wave C that developed from $1,754.75.
Aluminium has approached this level but failed to touch it
The failure indicates the cycle may have completed or is ending.
A break below the support at $2,074, the 138.2 percent level, could confirm a reversal of the uptrend, and a bearish target at $2,041, the 123.6 percent level, will be established then.
The resistance is at the 161.8 percent Fibonacci projection level of an upward wave C that developed from $1,754.75.
Aluminium has approached this level but failed to touch it
The failure indicates the cycle may have completed or is ending.
A break below the support at $2,074, the 138.2 percent level, could confirm a reversal of the uptrend, and a bearish target at $2,041, the 123.6 percent level, will be established then.
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