14 AUGUST 2013Business Recorder
LME aluminium may hover around $1,874
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to test a support at $1,874 per tonne, a break below which will lead to a further loss to $1,855.
An uptrend that developed from the June 27 low of $1,758 has been reversed, as the wave pattern reveals a completion of this trend.
Three waves labelled a, b, c have made up the trend, with the wave c consisting five smaller waves labelled 1,2,3,4 and 5. The five-wave structure strongly indicates the wave c has completely unfolded.
A Fibonacci retracement analysis on the rise from the Aug. 7 low of $1,773.25 to the Monday high of $1,904.25 has marked a support at $1,874, the 23.6 percent retracement, which may temporarily hold the fall and trigger a rebound.
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.
An uptrend that developed from the June 27 low of $1,758 has been reversed, as the wave pattern reveals a completion of this trend.
Three waves labelled a, b, c have made up the trend, with the wave c consisting five smaller waves labelled 1,2,3,4 and 5. The five-wave structure strongly indicates the wave c has completely unfolded.
A Fibonacci retracement analysis on the rise from the Aug. 7 low of $1,773.25 to the Monday high of $1,904.25 has marked a support at $1,874, the 23.6 percent retracement, which may temporarily hold the fall and trigger a rebound.
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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