15 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. 9 low of $1,751 will extend.
The extension will be confirmed when aluminium climbs above a resistance at $1,785, the 38.2 percent Fibonacci retracement on the fall from the Dec. 30, 2013 high of $1,839 $1,751.
Both the wave pattern and an inverted head-and-shoulders under formation indicate a possibility of the extension, as an upward wave c is yet to unfold and the inverted head-and-shoulders is a typical bullish reversal pattern. A drop below $1,751 will clearly signal the continuation of the preceding downtrend from $1,839
The extension will be confirmed when aluminium climbs above a resistance at $1,785, the 38.2 percent Fibonacci retracement on the fall from the Dec. 30, 2013 high of $1,839 $1,751.
Both the wave pattern and an inverted head-and-shoulders under formation indicate a possibility of the extension, as an upward wave c is yet to unfold and the inverted head-and-shoulders is a typical bullish reversal pattern. A drop below $1,751 will clearly signal the continuation of the preceding downtrend from $1,839
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