27 JANUARY 2016Business Recorder
LME aluminium neutral in $1,453-$1,511 range
Edited by : AL CIRCLE
1 min read
LME aluminium looks neutral in a range of $1,453- $1,511 per tonne, and an escape will point a direction.
The range is formed by the 50 percent and the 23.6 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50. It could be hard to conclude that the bounce from the January 12 low of $1,449 has extended or the drop from the December 24, 2015 high of $1,564 has resumed, until the metal leaves the range.
A break below $1,453 could cause a loss to the 61.8 percent level at $1,426, while a break above $1,511 could lead to a gain to $1,531, the 14.6 percent level.
The range is formed by the 50 percent and the 23.6 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50. It could be hard to conclude that the bounce from the January 12 low of $1,449 has extended or the drop from the December 24, 2015 high of $1,564 has resumed, until the metal leaves the range.
A break below $1,453 could cause a loss to the 61.8 percent level at $1,426, while a break above $1,511 could lead to a gain to $1,531, the 14.6 percent level.
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