21 AUGUST 2015Business Recorder
LME aluminium may test support at $1,547
Edited by : AL CIRCLE
1 min read
LME aluminium may test a support at $1,547 per tonne, as suggested by a Fibonacci projection analysis and a falling channel.
The support is provided by the 161.8 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of 1,729.50. From Aug. 13, this wave has been travelling in a small channel, the upper channel line of which provides a resistance around $1,560, the 150 percent level.
The lower channel suggests a target at $1,530, the 176.4 percent level, which will be confirmed when the metal breaks $1,547.
The support is provided by the 161.8 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of 1,729.50. From Aug. 13, this wave has been travelling in a small channel, the upper channel line of which provides a resistance around $1,560, the 150 percent level.
The lower channel suggests a target at $1,530, the 176.4 percent level, which will be confirmed when the metal breaks $1,547.
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