Business Recorder
LME aluminium may break below $2,120 and fall to $2,071
Edited by : AL CIRCLE
1 min read
LME aluminium will test a support at $2,120 per tonne, with a good chance to break it and fall more to $2,071.
The correction from the Sept. 14 high of $2,199 has not completed. Based on a Fibonacci retracement analysis on the rise from $1,864 to $2,199, this correction may have depth at $2,071, the 38.2 percent level.
Strategically, this target will be confirmed only when aluminium breaks a support at $2,120, the 23.6 percent level.
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 correction from the Sept. 14 high of $2,199 has not completed. Based on a Fibonacci retracement analysis on the rise from $1,864 to $2,199, this correction may have depth at $2,071, the 38.2 percent level.
Strategically, this target will be confirmed only when aluminium breaks a support at $2,120, the 23.6 percent level.
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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