14 OCTOBER 2015Business Recorder
LME aluminium may fall to $1,562
Edited by : AL CIRCLE
1 min read
LME aluminium may fall to $1,562 per tonne, as it has broken a support at $1,597.
The support was provided by the 38.2 percent Fibonacci retracement on the fall from the July 2 high of $1,744.50 to the Aug. 24 low of $1,506. The next support will be at $1,562, the 23.6 percent level, a break below which could cause a loss to the 14.6 percent level at $1,541.
A bounce from the current level could most likely be limited to $1,597, now a resistance.
The support was provided by the 38.2 percent Fibonacci retracement on the fall from the July 2 high of $1,744.50 to the Aug. 24 low of $1,506. The next support will be at $1,562, the 23.6 percent level, a break below which could cause a loss to the 14.6 percent level at $1,541.
A bounce from the current level could most likely be limited to $1,597, now a resistance.
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