16 FEBRUARY 2016Business Recorder
LME aluminium may rise to $1,530
Edited by : AL CIRCLE
1 min read
Aluminium on London Metal Exchange (LME) may rise to $1,530 per tonne, driven by a powerful wave c.
This is the third wave of a bigger wave C - the third leg of a three-wave cycle from the Nov. 23 low of $1,432.50. A Fibonacci projection analysis on the target of the wave C indicates it may travel to $1,581, the 100 percent level.
The immediate resistance is at $1,515, the 50 percent level. A rise to $1,518 could confirm a break above this barrier and the target at $1,530.
A drop below $1,510 could signal the metal's failure to break resistance and support at $1,499, the 38.2 percent level, may be approached.
This is the third wave of a bigger wave C - the third leg of a three-wave cycle from the Nov. 23 low of $1,432.50. A Fibonacci projection analysis on the target of the wave C indicates it may travel to $1,581, the 100 percent level.
The immediate resistance is at $1,515, the 50 percent level. A rise to $1,518 could confirm a break above this barrier and the target at $1,530.
A drop below $1,510 could signal the metal's failure to break resistance and support at $1,499, the 38.2 percent level, may be approached.
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
Aluminium futures at MCX up 0.78% on rising demand, global cues
Next articleNorsk Hydro to build the Karmøy technology pilot
Grow with
AL Circle
