04 NOVEMBER 2015www.brecorder.com
LME aluminium may rise into $1,532-$1,548 range
Edited by : AL CIRCLE
1 min read
Aluminium on London metal Exchange (LME) may break resistance at $1,515 per tonne and rise towards the resistance range of $1,532-$1,548, as indicated by its wave pattern and a Fibonacci projection analysis.
Resistance is provided by the 114.6 percent Fibonacci projection level of a downtrend from the October 9 high of $1,646. The trend could be broken down into five small waves, with the fourth wave having peaked around $1,548, the 86.4 percent level.
Wave theory suggests this peak may be approached. However, the target at $1,548 could only be confirmed when aluminium overcomes resistance at $1,532, the 100 percent level.
Support is at $1,505, the 123.6 percent level, a break below which could lead to a loss to the 138.2 percent level at $1,488.
Resistance is provided by the 114.6 percent Fibonacci projection level of a downtrend from the October 9 high of $1,646. The trend could be broken down into five small waves, with the fourth wave having peaked around $1,548, the 86.4 percent level.
Wave theory suggests this peak may be approached. However, the target at $1,548 could only be confirmed when aluminium overcomes resistance at $1,532, the 100 percent level.
Support is at $1,505, the 123.6 percent level, a break below which could lead to a loss to the 138.2 percent level at $1,488.
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Previous article
China primary aluminum imports up 97.93% YoY in September
Next articleAluminum climbs as Alcoa shrinks capacity on China export deluge
Grow with
AL Circle
