21 JANUARY 2014Business Recorder
LME aluminium is expected to gain more to $1,839 per tonne
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to gain further to $1,839 per tonne, as it has broken above resistance at $1,818.
The resistance was established by the 76.4 percent Fibonacci retracement on the fall from the Dec. 30, 2013 high of $1,839 to the Jan. 9 low of $1,751, there will be no other resistance until aluminium reaches $1,839.
The speed of the rise simply indicates a remote chance of aluminium to return to $1,805, the 61.8 percent retracement. Strategically, a rise above $1,826 will confirm the target at $1,839.
The resistance was established by the 76.4 percent Fibonacci retracement on the fall from the Dec. 30, 2013 high of $1,839 to the Jan. 9 low of $1,751, there will be no other resistance until aluminium reaches $1,839.
The speed of the rise simply indicates a remote chance of aluminium to return to $1,805, the 61.8 percent retracement. Strategically, a rise above $1,826 will confirm the target at $1,839.
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