20 SEPTEMBER 2013Business Recorder
LME aluminium faces resistance at $1,816
Edited by : AL CIRCLE
1 min read
LME aluminium faces a resistance at $1,816 per tonne, and may hover below this level or retrace to $1,800.
The resistance is provided by the 23.6 percent Fibonacci retracement on the fall from the Aug. 19 high of $1,949 to the Monday low of $1,775.50, temporarily blocking the way towards the 38.2 percent retracement at $1,842.
Given that the downtrend from $1,949 is very strong, the first leg of the current rebound may end at about $1,816.
A break above $1,816 will be confirmed when aluminium stands above $1,820.
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 resistance is provided by the 23.6 percent Fibonacci retracement on the fall from the Aug. 19 high of $1,949 to the Monday low of $1,775.50, temporarily blocking the way towards the 38.2 percent retracement at $1,842.
Given that the downtrend from $1,949 is very strong, the first leg of the current rebound may end at about $1,816.
A break above $1,816 will be confirmed when aluminium stands above $1,820.
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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