08 JANUARY 2014Business Recorder
LME aluminium may test resistance at $1,792
Edited by : AL CIRCLE
1 min read
LME aluminium may test a resistance at $1,792 per tonne, as it has broken a resistance at $1,775.
The resistance was provided by the 100 percent Fibonacci projection level of a wave c, which has bottomed at the Monday low of $1,756. This is the final wave of a three-wave cycle that developed from the Dec. 30, 2013 high of $1,839.
The sharp surge from $1,756 indicates the completion of this cycle. Next resistance will be at $1,792, the 61.8 percent projection level, a break above which will cause a further gain to $1,810, the 23.6 percent projection level, which is pointed by the upper channel line of a falling channel.
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 resistance was provided by the 100 percent Fibonacci projection level of a wave c, which has bottomed at the Monday low of $1,756. This is the final wave of a three-wave cycle that developed from the Dec. 30, 2013 high of $1,839.
The sharp surge from $1,756 indicates the completion of this cycle. Next resistance will be at $1,792, the 61.8 percent projection level, a break above which will cause a further gain to $1,810, the 23.6 percent projection level, which is pointed by the upper channel line of a falling channel.
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.
Previous article
Alcoa Inc.Q4 earnings preview
Next articleAnalyst expects mixed trend on LME aluminum
Grow with
AL Circle
