08 DECEMBER 2015Business Recorder
LME aluminium faces resistance at $1,518
Edited by : AL CIRCLE
1 min read
LME aluminium faces a resistance at $1,518 per tonne, a break above which could lead to a gain to the next resistance at $1,544.
These resistances are provided respectively by the 38.2 percent and the 50 percent Fibonacci retracements on the fall from the September 9 high of $1,655.50 to the November 23 low of $1,432.50.
It seems the metal was unable to break $1,518 this time and may retrace to a support at $1,485, the 23.6 percent level, or at least hover below $1,518 for one day. A rise to $1,524 could confirm a break above this resistance.
These resistances are provided respectively by the 38.2 percent and the 50 percent Fibonacci retracements on the fall from the September 9 high of $1,655.50 to the November 23 low of $1,432.50.
It seems the metal was unable to break $1,518 this time and may retrace to a support at $1,485, the 23.6 percent level, or at least hover below $1,518 for one day. A rise to $1,524 could confirm a break above this resistance.
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