16 OCTOBER 2015Business Standard
LME aluminium neutral in $1,577-$1,599 range
Edited by : AL CIRCLE
1 min read
LME aluminium looks neutral in a range of $1,577-$1,599 per tonne, and an escape will point a direction.
The range is formed by the 23.6 percent and the 38.2 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the August 24 low of $1,506.
A break above $1,599 could lead to a gain to $1,616, the 50 percent level, while a break below $1,577 could cause a loss to the range of $1,552-$1,563, formed by the 7 percent and the 14.6 percent levels.
The range is formed by the 23.6 percent and the 38.2 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the August 24 low of $1,506.
A break above $1,599 could lead to a gain to $1,616, the 50 percent level, while a break below $1,577 could cause a loss to the range of $1,552-$1,563, formed by the 7 percent and the 14.6 percent levels.
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