08 OCTOBER 2012Business Recorder
LME aluminium target lowered to $2,056
Edited by : AL CIRCLE
1 min read
A previous bearish target at $2,063 has been lowered to $2,056 per tonne for LME aluminium as a downtrend that developed from $2,199 has resumed.
The trend is driven by a downward wave (c), unfolding towards its 61.8 percent Fibonacci projection level at $2,056, which is based on the length of the preceding wave (a) falling from the Sept. 14 high of $2,199 to $2,063 and the wave (b) peak at $2,140.
Resistance is at $2,110, a break above which will make the signals neutral.
The trend is driven by a downward wave (c), unfolding towards its 61.8 percent Fibonacci projection level at $2,056, which is based on the length of the preceding wave (a) falling from the Sept. 14 high of $2,199 to $2,063 and the wave (b) peak at $2,140.
Resistance is at $2,110, a break above which will make the signals neutral.
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