07 SEPTEMBER 2015Business Recorder
LME aluminium may rise to $1,686
Edited by : AL CIRCLE
1 min read
LME aluminium may rise to $1,686 per tonne, as it has broken resistance at $1,617. Resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the May 6 high of $1,977 to the Aug. 24 low of $1,506. The next resistance will be at $1,686, the 38.2 percent level.
The metal had been falling within a channel before Aug. 24, the upper channel line of a duplicated channel indicates a target at $1,686 as well.
A sudden drop below $1,617, now a support, could signal the break above this level was false, the 14.6 percent level at $1,575 could be approached.
The metal had been falling within a channel before Aug. 24, the upper channel line of a duplicated channel indicates a target at $1,686 as well.
A sudden drop below $1,617, now a support, could signal the break above this level was false, the 14.6 percent level at $1,575 could be approached.
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