Steelguru.com
LME aluminium may break below USD 2120 and fall to USD 2071
Edited by : AL CIRCLE
1 min read
Reuters reported that LME aluminium will test a support at USD 2,120 per tonne with a good chance to break it and fall more to USD 2,071.
The correction from the September 14 high of USD 2,199 has not completed. Based on a Fibonacci retracement analysis on the rise from USD 1,864 to USD 2,199 this correction may have depth at USD 2,071, the 38.2% level.
Strategically, this target will be confirmed only when aluminium breaks a support at USD 2,120, the 23.6% 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 September 14 high of USD 2,199 has not completed. Based on a Fibonacci retracement analysis on the rise from USD 1,864 to USD 2,199 this correction may have depth at USD 2,071, the 38.2% level.
Strategically, this target will be confirmed only when aluminium breaks a support at USD 2,120, the 23.6% 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.
Previous article
Spot aluminum traded between RMB 15,460-15,470/mt in Shanghai on Tuesday
Next articleGACL, Nalco JV to set up Rs 700 cr caustic soda project in Gujarat
Grow with
AL Circle
