10 APRIL 2013Business Recorder
LME aluminium rebound to end around $1,909
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to edge up to a resistance at $1,909 per tonne, only a break above which could lead to a further gain to $1,920.
The resistance is provided by the 50 percent Fibonacci retracement on the fall from the March 25 high of $1,956 to $1,862.75.
It seems the rebound from $1,862.75 has been shaped into a rising wedge, which consists of five smaller waves labelled a, b, c, d and e.
The wave e may end around $1,909, from which, the preceding downtrend will resume.
The resistance is provided by the 50 percent Fibonacci retracement on the fall from the March 25 high of $1,956 to $1,862.75.
It seems the rebound from $1,862.75 has been shaped into a rising wedge, which consists of five smaller waves labelled a, b, c, d and e.
The wave e may end around $1,909, from which, the preceding downtrend will resume.
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