29 MAY 2014Business Recorder
LME aluminium may gain more to $1,844
Edited by : AL CIRCLE
1 min read
LME aluminium may break a resistance at $1,831 per tonne and rise further towards $1,844, as the rebound from the May 21 low of $1,754.75 may extend.
This rebound has been driven by a wave c, the third wave of a three-wave cycle that developed from the May 9 low of $1,755.25.
A Fibonacci projection analysis reveals this wave has travelled to its 138.2 percent projection level and could be extending towards the 161.8 percent level at $1,844.
Strategically, a rise to $1,835 could confirm a break above $1,831 and the target at $1,844. Support is at $1,810, a break below which will signal a completion of the rebound and a bearish target at $1,797, the 76.4 percent level, will be established.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
This rebound has been driven by a wave c, the third wave of a three-wave cycle that developed from the May 9 low of $1,755.25.
A Fibonacci projection analysis reveals this wave has travelled to its 138.2 percent projection level and could be extending towards the 161.8 percent level at $1,844.
Strategically, a rise to $1,835 could confirm a break above $1,831 and the target at $1,844. Support is at $1,810, a break below which will signal a completion of the rebound and a bearish target at $1,797, the 76.4 percent level, will be established.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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