08 OCTOBER 2013Business Recorder
LME aluminium in neutral range
Edited by : AL CIRCLE
1 min read
Signals will be neutral for LME aluminium until it gets out of a range of $1,808-$1,860 per tonne.
The range has been formed by the Oct. 1 high of $1,860 and the 61.8 percent Fibonacci retracement on the rise from the Sept. 17 low of $1,775.50 to this high.
A rise above $1,860 will confirm the extension of a short uptrend that developed from $1,775.50, towards $1,893. On the other hand, a drop below $1,808 will signal completion of the trend and the resumption of the preceding downtrend towards $1,775.50.
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 range has been formed by the Oct. 1 high of $1,860 and the 61.8 percent Fibonacci retracement on the rise from the Sept. 17 low of $1,775.50 to this high.
A rise above $1,860 will confirm the extension of a short uptrend that developed from $1,775.50, towards $1,893. On the other hand, a drop below $1,808 will signal completion of the trend and the resumption of the preceding downtrend towards $1,775.50.
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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