23 JUNE 2016www.brecorder.com
LME aluminium still targets $1,648
Edited by : AL CIRCLE
1 min read
LME aluminium still targets $1,648 per tonne, as it has been hovering above a resistance at $1,624 after breaking it.
The resistance was provided by the 86.4 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Nov. 23, 2015 low of $1,432.50.
The next resistance will be at $1,648, the 100 percent level, a break above which could lead to a gain to the 114.6 percent level at $1,673.
A break below $1,624, now a support, could cause a loss to the 76.4 percent level at $1,607.
The resistance was provided by the 86.4 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Nov. 23, 2015 low of $1,432.50.
The next resistance will be at $1,648, the 100 percent level, a break above which could lead to a gain to the 114.6 percent level at $1,673.
A break below $1,624, now a support, could cause a loss to the 76.4 percent level at $1,607.
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