26 FEBRUARY 2016Business Recorder
LME aluminium may hover below $1,585 or retrace to $1,538.50
Edited by : AL CIRCLE
1 min read
LME aluminium faces a resistance at $1,585 per tonne and may hover below this level for one day or retrace to the February 24 low of $1,538.50.
The resistance is provided by the 23.6 percent Fibonacci retracement on the fall from the November 6, 2014 high of $2,078.75 to the November 23, 2015 low of $1,432.50. A break above this barrier could open the way towards the next resistance at $1,641, the 38.2 percent Fibonacci retracement on the fall from the May 6, 2015 high of $1,977 to $1,432.50.
The break could be confirmed when the metal climbs above $1,590.
The resistance is provided by the 23.6 percent Fibonacci retracement on the fall from the November 6, 2014 high of $2,078.75 to the November 23, 2015 low of $1,432.50. A break above this barrier could open the way towards the next resistance at $1,641, the 38.2 percent Fibonacci retracement on the fall from the May 6, 2015 high of $1,977 to $1,432.50.
The break could be confirmed when the metal climbs above $1,590.
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