02 APRIL 2013Business Recorder
LME aluminium may drop to $1,875
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to slide to $1,875 per tonne, as it has broken below a support at $1,906.
The support was provided by the 61.8 percent Fibonacci projection level of the wave (3)-3, which developed from the March 25 high of $1,956. The next support will be at $1,875, the 100 percent projection level.
This wave (3)-3 has a fierce and sharp character. It may break the support at $1,875 easily and then fall more towards $1,825, the 161.8 percent projection level.
Rebound from the current level may be capped at $1,910.
The support was provided by the 61.8 percent Fibonacci projection level of the wave (3)-3, which developed from the March 25 high of $1,956. The next support will be at $1,875, the 100 percent projection level.
This wave (3)-3 has a fierce and sharp character. It may break the support at $1,875 easily and then fall more towards $1,825, the 161.8 percent projection level.
Rebound from the current level may be capped at $1,910.
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