Business Recorder
LME aluminium might drop again to $2,063
Edited by : AL CIRCLE
1 min read
LME aluminium would fall to $2,063 per tonne, as a rebound from this level has ended at Tuesday's high of $2,140.
The rebound has been driven by three waves labelled a, b and c, with wave c having peaked slightly below a resistance at $2,147, the 61.8 percent Fibonacci retracement on the fall from $2,199 to $2,063.
The fall on Tuesday has confirmed the completion of wave(b). The metal is riding on a downward wave(c), which will eventually travel below the trough of wave(a) at $2,063.
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 rebound has been driven by three waves labelled a, b and c, with wave c having peaked slightly below a resistance at $2,147, the 61.8 percent Fibonacci retracement on the fall from $2,199 to $2,063.
The fall on Tuesday has confirmed the completion of wave(b). The metal is riding on a downward wave(c), which will eventually travel below the trough of wave(a) at $2,063.
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.
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