20 JUNE 2016www.brecorder.com
LME aluminium may break resistance at $1,624
Edited by : AL CIRCLE
1 min read
LME aluminium may break a resistance at $1,624 per tonne and gain further to the next resistance at $1,648, driven by a wave C.
This is third wave of a three-wave cycle from the November 23, 2015 low of $1,432.50. A Fibonacci projection analysis on the target of this wave reveals two resistances at $1,624 and $1,648, respectively provided by the 86.4 percent and the 100 percent levels.
Support is at $1,607, the 76.4 percent level, a break below which could cause a loss to the 61.8 percent level at $1,582.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.
This is third wave of a three-wave cycle from the November 23, 2015 low of $1,432.50. A Fibonacci projection analysis on the target of this wave reveals two resistances at $1,624 and $1,648, respectively provided by the 86.4 percent and the 100 percent levels.
Support is at $1,607, the 76.4 percent level, a break below which could cause a loss to the 61.8 percent level at $1,582.
Use EIKON news "Alerts" to be notified of this report and get it sent to your email box when it is published.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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