19 MARCH 2014Business Recorder
LME aluminium may rebound to $1,737
Edited by : AL CIRCLE
1 min read
LME aluminium may rebound to a resistance at $1,737 per tonne, as it failed to break a support at $1,721.
The support was established at the 61.8 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the March 6 high of $1,802, it seems to have triggered a rebound towards the 50 percent retracement at $1,737.
A break above $1,737 will be less likely, as the resistance around this level has been strengthened by another one provided by the trendline rising from $1,671.25. 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.
The support was established at the 61.8 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the March 6 high of $1,802, it seems to have triggered a rebound towards the 50 percent retracement at $1,737.
A break above $1,737 will be less likely, as the resistance around this level has been strengthened by another one provided by the trendline rising from $1,671.25. 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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