13 SEPTEMBER 2013Business Recorder
LME aluminium expected to drop to $1,785
Edited by : AL CIRCLE
1 min read
LME aluminium remains steady on a downtrend and is expected to revisit its Sept. 4 low of $1,785.
Wave pattern shows that aluminium is riding on a wave 5, the fifth wave of a five-wave cycle that started at the Aug. 19 high of $1,949. It is expected to travel below the preceding wave 3 trough at $1,785.
A small triangle is contracting to a point, likely to be confirmed bearish, as it followed a short downtrend developing from the Sept. 6 high of $1,833.75.
Resistance is at $1,816, a break above which will indicate an extension of the wave 4 towards $1,837, the 38.2 percent Fibonacci retracement on the fall from the Aug. 22 high of $1,920 to $1,785.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Wave pattern shows that aluminium is riding on a wave 5, the fifth wave of a five-wave cycle that started at the Aug. 19 high of $1,949. It is expected to travel below the preceding wave 3 trough at $1,785.
A small triangle is contracting to a point, likely to be confirmed bearish, as it followed a short downtrend developing from the Sept. 6 high of $1,833.75.
Resistance is at $1,816, a break above which will indicate an extension of the wave 4 towards $1,837, the 38.2 percent Fibonacci retracement on the fall from the Aug. 22 high of $1,920 to $1,785.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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