09 OCTOBER 2015Business Recorder
LME aluminium may fall to $1,553
Edited by : AL CIRCLE
1 min read
LME aluminium may break a support at $1,566 per tonne and fall towards the next support at $1,553.
These supports are identified respectively as the 38.2 percent and the 14.6 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the August 24 low of $1,506.
This wave has been developing within a wedge, the lower trendline of which suggests a target at $1,553 as well. Resistance is at $1,580, the 61.8 percent level, a break above which could lead to a gain to the 76.4 percent level at $1,588.
These supports are identified respectively as the 38.2 percent and the 14.6 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the August 24 low of $1,506.
This wave has been developing within a wedge, the lower trendline of which suggests a target at $1,553 as well. Resistance is at $1,580, the 61.8 percent level, a break above which could lead to a gain to the 76.4 percent level at $1,588.
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