18 JULY 2013Business Recorder
LME aluminium signals mixed
Edited by : AL CIRCLE
1 min read
Signals are mixed for LME aluminium, as it is not clear how high the current rebound could reach.
The rebound followed the completion of a five-wave cycle around a support at $1,794, the 61.8 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to the July 12 high of $1,851.25.
Aluminium has paused around a resistance at $1,816 - the 38.2 percent retracement - a break above which will open the way towards $1,829, as the wave theory indicates that this rebound may stop at any level below $1,845, the presumed wave ii peak.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
The rebound followed the completion of a five-wave cycle around a support at $1,794, the 61.8 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to the July 12 high of $1,851.25.
Aluminium has paused around a resistance at $1,816 - the 38.2 percent retracement - a break above which will open the way towards $1,829, as the wave theory indicates that this rebound may stop at any level below $1,845, the presumed wave ii peak.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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