22 MARCH 2013Business Recorder
LME aluminium may end rebound around $1,958
Edited by : AL CIRCLE
1 min read
LME aluminium may end its current rebound around $1,958 per tonne and drop towards its March 18 low of $1,927.50.
The rebound was triggered by a support at $1,936, the 161.8 percent Fibonacci projection level of a downward wave iii. It looks weak as it has adopted a corrective wave mode.
A Fibonacci retracement analysis on the fall from $1,988 to $1,927.50 reveals a resistance at $1,958, the 50 percent level, a rise above which could possibly be capped at $1,965, the 61.8 percent level.
The rebound was triggered by a support at $1,936, the 161.8 percent Fibonacci projection level of a downward wave iii. It looks weak as it has adopted a corrective wave mode.
A Fibonacci retracement analysis on the fall from $1,988 to $1,927.50 reveals a resistance at $1,958, the 50 percent level, a rise above which could possibly be capped at $1,965, the 61.8 percent level.
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