09 NOVEMBER 2015Business Recorder
LME aluminium may break resistance at $1,515
Edited by : AL CIRCLE
1 min read
LME aluminium may break resistance at $1,515 per tonne and rise towards the next resistance at $1,532, as it has found support at $1,488.
These two resistances and support are identified respectively as the 114.6 percent, the 100 percent and the 138.2 percent Fibonacci projection levels of a downtrend from the October 9 high of $1,646.
The consolidation within the range of $1,488-$1,515 could be a continuation pattern, to be followed by a gain towards $1,548, the 86.4 percent level. A break below $1,488 could open the way towards the 161.8 percent level at $1,462.
These two resistances and support are identified respectively as the 114.6 percent, the 100 percent and the 138.2 percent Fibonacci projection levels of a downtrend from the October 9 high of $1,646.
The consolidation within the range of $1,488-$1,515 could be a continuation pattern, to be followed by a gain towards $1,548, the 86.4 percent level. A break below $1,488 could open the way towards the 161.8 percent level at $1,462.
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