15 OCTOBER 2015Business Recorder
LME aluminium still targets $1,562
Edited by : AL CIRCLE
1 min read
LME aluminium still targets $1,562 per tonne, as indicated by a Fibonacci retracement analysis and a wedge.
The analysis is on the downtrend from the July 2 high of $1,744.50 to the August 24 low of $1,506. It reveals aluminium has broken a support at $1,597, the 38.2 percent level, and is heading towards the next support at $1,562, the 23.6 percent level. The lower trendline of a wedge crosses $1,562 as well.
A break below $1,562 could cause a loss to $1,541, the 14.6 percent level, while a break above $1,597 could lead to a gain to $1,625, the 50 percent level.
The analysis is on the downtrend from the July 2 high of $1,744.50 to the August 24 low of $1,506. It reveals aluminium has broken a support at $1,597, the 38.2 percent level, and is heading towards the next support at $1,562, the 23.6 percent level. The lower trendline of a wedge crosses $1,562 as well.
A break below $1,562 could cause a loss to $1,541, the 14.6 percent level, while a break above $1,597 could lead to a gain to $1,625, the 50 percent level.
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