21 JANUARY 2014Business Recorder
LME aluminium may retrace to $1,795
Edited by : AL CIRCLE
1 min read
LME aluminium may retrace a little bit more to $1,795 per tonne, as it has slid below a support at $1,805.
The support has been established by the 61.8 percent Fibonacci retracement on the fall from the Dec. 30, 2013 high of $1,839 to the Jan. 9 low of $1,751.
The next support will be at $1,795, the 50 percent level.
The uptrend from $1,751 will remain intact, even if the current correction fails to end around $1,795, as an inverted head-and-shoulders that formed between Jan. 6 and Jan. 15 is a typical bottom pattern.
Only a rise above $1,818, the 76.4 percent retracement, could indicate a resumption of the preceding uptrend.
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 has been established by the 61.8 percent Fibonacci retracement on the fall from the Dec. 30, 2013 high of $1,839 to the Jan. 9 low of $1,751.
The next support will be at $1,795, the 50 percent level.
The uptrend from $1,751 will remain intact, even if the current correction fails to end around $1,795, as an inverted head-and-shoulders that formed between Jan. 6 and Jan. 15 is a typical bottom pattern.
Only a rise above $1,818, the 76.4 percent retracement, could indicate a resumption of the preceding uptrend.
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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