09 JANUARY 2014Business Recorder
LME aluminium signals mixed
Edited by : AL CIRCLE
1 min read
Signals are mixed for LME aluminium, as it is not clear if the rebound from the Jan. 6 low of $1,756 has completed.
The rebound failed to go above a resistance at $1,788, the 38.2 percent Fibonacci retracement on the fall from the Dec. 30 high of $1,839 to $1,756.
The failure indicates a resumption of the preceding downtrend. Unfortunately, the resumption will not be confirmed until aluminium drops below $1,756.
On the other hand, the extension of the rebound will only be signalled when aluminium climbs above $1,788.
The views expressed are his own.
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 failed to go above a resistance at $1,788, the 38.2 percent Fibonacci retracement on the fall from the Dec. 30 high of $1,839 to $1,756.
The failure indicates a resumption of the preceding downtrend. Unfortunately, the resumption will not be confirmed until aluminium drops below $1,756.
On the other hand, the extension of the rebound will only be signalled when aluminium climbs above $1,788.
The views expressed are his own.
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.
Previous article
Portland smelter jobs safe, says Alcoa
Next articleMCX Aluminium falls, market under long-liquidation
Grow with
AL Circle
