20 AUGUST 2013Business Recorder
LME aluminium may retrace to $1,918
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retrace to $1,918 per tonne, as it faces a resistance at $1,943.
The resistance is provided by the 161.8 percent Fibonacci projection level of an upward wave C which started at the Aug. 7 low of $1,773.25. The bearish divergence on the hourly RSI indicates the wave C has become very exhausted and may peak around this resistance.
The immediate support will be at $1,918, the 138.2 percent projection level.
A further gain from the current level may be limited to $1,958, the 176.4 percent projection level.
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 resistance is provided by the 161.8 percent Fibonacci projection level of an upward wave C which started at the Aug. 7 low of $1,773.25. The bearish divergence on the hourly RSI indicates the wave C has become very exhausted and may peak around this resistance.
The immediate support will be at $1,918, the 138.2 percent projection level.
A further gain from the current level may be limited to $1,958, the 176.4 percent projection level.
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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