11 FEBRUARY 2014www.brecorder.com
LME aluminium signals mixed
Edited by : AL CIRCLE
1 min read
Signals are mixed for LME aluminium as it is not clear if a downtrend has resumed.
The trend started from the Jan. 17 high of $1,825.25 and has been disrupted by a rebound from the Feb. 3 low of $1,671.25. A Fibonacci retracement analysis on the rebound reveals the current drop from the Feb. 7 high has almost touched a pivotal support at $1,692. Such a deep fall does indicate a resumption of the downtrend, however, so long as aluminium hovers above $1,692, it may still extend its rebound.
Most likely, the metal will hover above this support for one day.
The trend started from the Jan. 17 high of $1,825.25 and has been disrupted by a rebound from the Feb. 3 low of $1,671.25. A Fibonacci retracement analysis on the rebound reveals the current drop from the Feb. 7 high has almost touched a pivotal support at $1,692. Such a deep fall does indicate a resumption of the downtrend, however, so long as aluminium hovers above $1,692, it may still extend its rebound.
Most likely, the metal will hover above this support for one day.
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