17 MAY 2016Reuters
LME Aluminium may hover above $1,529
Edited by : AL CIRCLE
1 min read
Aluminium on London Metal Exchange (LME) has found a key support at $1,529 per tonne, and may hover above this level or bounce to a resistance at $1,559.
The support is provided by the 61.8 percent Fibonacci retracement on the rise from the Nov. 23, 2015 low of $1,432.50 to the April 29 high of $1,686. Given that the drop from $1,686 could be too sharp to sustain, the metal has a better chance of pausing around $1,529 and bounce towards the 50 percent level at $1,559.
The support is provided by the 61.8 percent Fibonacci retracement on the rise from the Nov. 23, 2015 low of $1,432.50 to the April 29 high of $1,686. Given that the drop from $1,686 could be too sharp to sustain, the metal has a better chance of pausing around $1,529 and bounce towards the 50 percent level at $1,559.
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