Business Recorder
LME aluminium extremely overbought, may come down to $2,148
Edited by : AL CIRCLE
1 min read
LME aluminium has been extremely overbought, and is poised to retrace to $2,148 per tonne.
The metal has briefly pierced above a resistance at $2,184, the 338.2 percent Fibonacci projection level of an upward wave 3. Its failure to stand firm above this level indicates a false break.
The resistance is near another stronger one at $2,199, the 38.2 percent Fibonacci retracement on the fall from the May 3, 2011, high of $2,803 to Aug. 16 low of $1,827.25.
Aluminium may have peaked at $2,199 and a retracement towards the 300 percent projection level at $2,184 could have started.
(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.)
The metal has briefly pierced above a resistance at $2,184, the 338.2 percent Fibonacci projection level of an upward wave 3. Its failure to stand firm above this level indicates a false break.
The resistance is near another stronger one at $2,199, the 38.2 percent Fibonacci retracement on the fall from the May 3, 2011, high of $2,803 to Aug. 16 low of $1,827.25.
Aluminium may have peaked at $2,199 and a retracement towards the 300 percent projection level at $2,184 could have started.
(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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