21 JULY 2014Business Recorder
LME aluminium neutral in $1,961-$1,999 range
Edited by : AL CIRCLE
1 min read
LME aluminium looks neutral in a range of $1,961-$1,999 per tonne and an escape will point a direction.
The range has been formed by the 76.4 percent and the 100 percent Fibonacci projection levels of an upward wave c, which developed from the June 12 low of $1,836.
A drop below $1,961 may signal a reversal of the uptrend and a bearish target at $1,937, the 61.8 percent retracement, will be established.
A rise above $1,999 will confirm the extension of the uptrend towards $2,038, the 123.6 percent projection level.
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 range has been formed by the 76.4 percent and the 100 percent Fibonacci projection levels of an upward wave c, which developed from the June 12 low of $1,836.
A drop below $1,961 may signal a reversal of the uptrend and a bearish target at $1,937, the 61.8 percent retracement, will be established.
A rise above $1,999 will confirm the extension of the uptrend towards $2,038, the 123.6 percent projection level.
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.
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