01 JULY 2014Business Recorder
LME aluminium may drop to $1,865
Edited by : AL CIRCLE
1 min read
LME aluminium may drop to $1,865 per tonne, as indicated by its wave pattern, a triangle and a Fibonacci retracement analysis.
The metal's failure to go above the June 9 high of $1,918 indicates the rally from the June 12 low of $1,836 could be the second leg of a three-wave cycle that developed from $1,918.
The third leg of the cycle, labelled as wave c, has started towards $1,836. The drop from the June 25 high of $1,912 has been shaped into a triangle, which could turn out to be bearish pattern, pointing to $1,850.
A Fibonacci retracement analysis reveals the wave c has temporarily stopped around the support at $1,883, the 38.2 percent level.
A drop to $1,880 will confirm a break below the support and the target at $1,865, the 61.8 percent level.
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.
The metal's failure to go above the June 9 high of $1,918 indicates the rally from the June 12 low of $1,836 could be the second leg of a three-wave cycle that developed from $1,918.
The third leg of the cycle, labelled as wave c, has started towards $1,836. The drop from the June 25 high of $1,912 has been shaped into a triangle, which could turn out to be bearish pattern, pointing to $1,850.
A Fibonacci retracement analysis reveals the wave c has temporarily stopped around the support at $1,883, the 38.2 percent level.
A drop to $1,880 will confirm a break below the support and the target at $1,865, the 61.8 percent level.
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.
Previous article
MPs lobby Coalition to exempt aluminium from Renewable energy target
Next articleRussia's Rusal seeks court approval for $3.6 bln debt deal
Grow with
AL Circle
