13 NOVEMBER 2013Business Recorder
LME aluminium targets $1,775.50
Edited by : AL CIRCLE
1 min read
A bearish target at $1,775.50 per tonne has been established for LME aluminium, as it has broken below a support at $1,806 per tonne.
The support was provided by the 76.4 percent Fibonacci retracement on the rise from the Sept. 17 low of $1,775.50 to the Oct. 29 high of $1,905.75.
There might not be any other support until aluminium reaches $1,775.50. A sudden surge above $1,810 will signal a false break below $1,806 and the completion of the wave 5.
A bullish target at $1,825, the 61.8 percent retracement, will then be established.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
The support was provided by the 76.4 percent Fibonacci retracement on the rise from the Sept. 17 low of $1,775.50 to the Oct. 29 high of $1,905.75.
There might not be any other support until aluminium reaches $1,775.50. A sudden surge above $1,810 will signal a false break below $1,806 and the completion of the wave 5.
A bullish target at $1,825, the 61.8 percent retracement, will then be established.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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