07 JANUARY 2016Business Recorder
LME aluminium may fall to $1,448
Edited by : AL CIRCLE
1 min read
LME aluminium may break a support at $1,465 per tonne and fall more to the next support at $1,448, as the bounce from the Nov. 23 low of $1,432.50 could have completed.
The completion has been suggested by the depth of the fall from the Dec. 24 high of $1,564. A Fibonacci retracement analysis on the downtrend from the Sept. 9 high of $1,655.50 to $1,432.50 reveals a support at $1,465, the 14.6 percent level.
The support has temporarily held the fall. However, with aluminium having approached this barrier again, it has a better chance to break this level and fall more to the 7 percent retracement at $1,448.
A further bounce from the current level may be limited to $1,485, the 23.6 percent retracement.
The completion has been suggested by the depth of the fall from the Dec. 24 high of $1,564. A Fibonacci retracement analysis on the downtrend from the Sept. 9 high of $1,655.50 to $1,432.50 reveals a support at $1,465, the 14.6 percent level.
The support has temporarily held the fall. However, with aluminium having approached this barrier again, it has a better chance to break this level and fall more to the 7 percent retracement at $1,448.
A further bounce from the current level may be limited to $1,485, the 23.6 percent retracement.
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