06 NOVEMBER 2013www.brecorder.com
LME aluminium may rebound to $1,825
Edited by : AL CIRCLE
1 min read
LME aluminium may end its current moderate rebound around a resistance at $1,825 and then drop towards $1,790 per tonne.
The rebound has been triggered by a support at $1,806, the 76.4 percent Fibonacci retracement on the rise from the Sept. 17 low of $1,775.50 to the Oct. 29 high of $1,905.75.
Wave pattern shows the drop from $1,905.75 has adopted a five-wave mode, with the wave 5 likely to extend to $1,790, a level pointed by the lower channel line of a channel, which has been duplicated from the upper channel.
The rebound is driven by a wave 4, which may travel a little bit further to $1,837 if it could go above $1,825.
The rebound has been triggered by a support at $1,806, the 76.4 percent Fibonacci retracement on the rise from the Sept. 17 low of $1,775.50 to the Oct. 29 high of $1,905.75.
Wave pattern shows the drop from $1,905.75 has adopted a five-wave mode, with the wave 5 likely to extend to $1,790, a level pointed by the lower channel line of a channel, which has been duplicated from the upper channel.
The rebound is driven by a wave 4, which may travel a little bit further to $1,837 if it could go above $1,825.
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