11 APRIL 2016www.brecorder.com
LME aluminium neutral in a range of $1,498- $1,519
Edited by : AL CIRCLE
1 min read
LME aluminium was neutral in a range of $1,498- $1,519 per tonne last week, and an escape will point a direction.
The range was formed by the 61.8 per cent and the 50 per cent Fibonacci retracements on the rise from the November 23, 2015 low of $1,432.50 to $1,605. A rise above $1,519 could be extended to $1,539, the 38.2 per cent level, while a break below $1,498 could cause a loss to the 76.4 per cent level at $1,473.
The bias could be towards the upside, as the wave pattern suggests the gain from the from the March 24 low of $1,475 consists of three waves, with the third wave labelled c yet to travel towards $1,539.
The range was formed by the 61.8 per cent and the 50 per cent Fibonacci retracements on the rise from the November 23, 2015 low of $1,432.50 to $1,605. A rise above $1,519 could be extended to $1,539, the 38.2 per cent level, while a break below $1,498 could cause a loss to the 76.4 per cent level at $1,473.
The bias could be towards the upside, as the wave pattern suggests the gain from the from the March 24 low of $1,475 consists of three waves, with the third wave labelled c yet to travel towards $1,539.
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Previous article
LME aluminium to face technical correction
Next articleNalco's captive power plant in trouble
Grow with
AL Circle
