07 AUGUST 2013Business Recorder
LME aluminium may drop towards $1,772.25
Edited by : AL CIRCLE
1 min read
LME aluminium is biased to drop below a neutral range of $1,792.25-$1,836 per tonne, and then fall towards the July 31 low of $1,772.25.
The metal has approached the Aug. 2 low of $1,792.25, making the consolidation within the range look like a double-top, which will be confirmed when the neckline at $1,792.25 is broken.
This pattern will point a target at $1,748, but a more realistic target could be $1,772.25.
Resistance is at $1,814, a break above which will increase the chance of a further gain towards the Aug. 1 high of $1,836.
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 has approached the Aug. 2 low of $1,792.25, making the consolidation within the range look like a double-top, which will be confirmed when the neckline at $1,792.25 is broken.
This pattern will point a target at $1,748, but a more realistic target could be $1,772.25.
Resistance is at $1,814, a break above which will increase the chance of a further gain towards the Aug. 1 high of $1,836.
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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