04 JUNE 2013Business Recorder
LME aluminium price to drop to USD 1,881 per ton
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to drop to $1,881 per ton, as it may have completed a rebound from the May 15 low of $1,821.
This rebound has been driven by the third wave of a three-wave cycle that developed from the May 2 low of $1,809. A Fibonacci projection analysis reveals this wave C has a big difficulty in breaking resistance at $1,909, its 76.4 percent projection level, based on the length of the preceding wave A.
Chances are, the wave C could have peaked, and may not extend toward its 100 percent projection level at $1,937.
A Fibonacci retracement analysis on the rise from $1,821 to $1,917.75 points a target at $1,881, the 38.2 percent retracement.
A rise above $1,917.75 will be extended to $1,937.
This rebound has been driven by the third wave of a three-wave cycle that developed from the May 2 low of $1,809. A Fibonacci projection analysis reveals this wave C has a big difficulty in breaking resistance at $1,909, its 76.4 percent projection level, based on the length of the preceding wave A.
Chances are, the wave C could have peaked, and may not extend toward its 100 percent projection level at $1,937.
A Fibonacci retracement analysis on the rise from $1,821 to $1,917.75 points a target at $1,881, the 38.2 percent retracement.
A rise above $1,917.75 will be extended to $1,937.
Previous article
BALCO appoints Ramesh Nair as new CEO
Next articleIndia’s aluminium production eludes target by 16.5% in 2012-13
Grow with
AL Circle
