23 AUGUST 2011business recorder
LME aluminium neutral in $2,323-$2,372 range
Edited by : AL CIRCLE
1 min read
LME aluminium is neutral in a range of $2,323-$2,372 per tonne and only an escape from this could trigger a directional move.
The fall from the July 27 high of $2,675.25 to the Aug 19 low of $2,323 is still considered having completed a five-wave cycle, and the current rebound is expected to push the metal to $2,406, the 23.6 percent Fibonacci retracement.
The fall from the July 27 high of $2,675.25 to the Aug 19 low of $2,323 is still considered having completed a five-wave cycle, and the current rebound is expected to push the metal to $2,406, the 23.6 percent Fibonacci retracement.
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