12 JANUARY 2016Business Recorder
LME aluminium may edge up to $1,511
Edited by : AL CIRCLE
1 min read
LME aluminium may edge up to $1,511 per tonne, as it has cleared a resistance at $1,479.
The resistance was provided by the 38.2 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50.
The next resistance will be at $1,511, the 23.6 percent level, around which the current bounce may end and the wave C will resume. A fall below $1,479 could also signal the resumption of the wave C towards $1,453, the 50 percent projection level.
The resistance was provided by the 38.2 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50.
The next resistance will be at $1,511, the 23.6 percent level, around which the current bounce may end and the wave C will resume. A fall below $1,479 could also signal the resumption of the wave C towards $1,453, the 50 percent projection level.
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