23 OCTOBER 2015www.brecorder.com
LME aluminium may hover around $1,532
Edited by : AL CIRCLE
1 min read
LME aluminium may hover around a support at $1,532 per tonne, or rebound to a resistance at $1,548, as indicated by its wave pattern and a Fibonacci projection analysis.
The support and the resistance are identified respectively as the 100 percent and the 86.4 percent Fibonacci projection levels of a downward wave (c), the third wave of a three-wave cycle from the Sept. 9 high of $1,655.50.
Given that the fall from the Oct. 15 high of $1,601 has not been disrupted by any decent bounce, the chance of a bounce around $1,532 will be very high. A drop to $1,527 could confirm a break below $1,532, and the 114.6 percent level at $1,515 will be approached.
The support and the resistance are identified respectively as the 100 percent and the 86.4 percent Fibonacci projection levels of a downward wave (c), the third wave of a three-wave cycle from the Sept. 9 high of $1,655.50.
Given that the fall from the Oct. 15 high of $1,601 has not been disrupted by any decent bounce, the chance of a bounce around $1,532 will be very high. A drop to $1,527 could confirm a break below $1,532, and the 114.6 percent level at $1,515 will be approached.
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