08 OCTOBER 2015Business Recorder
LME aluminium neutral in $1,545-$1,573 range
Edited by : AL CIRCLE
1 min read
LME aluminium looks neutral in a range of $1,545-$1,573 per tonne, and an escape will point a direction.
The range is formed by the October 2 low and the 50 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the August 24 low of $1,506.
A break below $1,545 could cause a loss to $1,517, based on the range of $1,545 and $1,573, while a break above $1,573 could open the way towards $1,588, the 76.4 percent level.
The range is formed by the October 2 low and the 50 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the August 24 low of $1,506.
A break below $1,545 could cause a loss to $1,517, based on the range of $1,545 and $1,573, while a break above $1,573 could open the way towards $1,588, the 76.4 percent level.
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