Business Recorder
LME aluminium still eyes $2,056
Edited by : AL CIRCLE
1 min read
LME aluminium still targets $2,056 per tonne, as it's still riding on a downward wave C.
This wave is a part of a downtrend that started at the Sept. 14 high of $2,199. It started at $2,140 and is capable of travelling to $2,004, the 100 percent projection level, which is also pointed by the lower channel line of a falling channel.
A more proper target is $2,056, the 61.8 percent level.
The rebound from the Monday low of $2,071 may be capped at $2,100.
This wave is a part of a downtrend that started at the Sept. 14 high of $2,199. It started at $2,140 and is capable of travelling to $2,004, the 100 percent projection level, which is also pointed by the lower channel line of a falling channel.
A more proper target is $2,056, the 61.8 percent level.
The rebound from the Monday low of $2,071 may be capped at $2,100.
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