Business Recorder
LME aluminium targets $1,905
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to fall to $1,905 per tonne, as a rebound from the Oct. 29 low of 1,887 has completed.
The rebound has been driven by three waves labelled as a, b, c, signalling the preceding medium-term downtrend remains unchanged.
A Fibonacci retracement on the rise from $1,887 to $1,962.75 reveals several supports at $1,925, $1,916 and $1,905, respectively the 50 percent, the 61.8 percent and the 76.4 percent retracements.
The strongest support could be at $1,905, which is close to the trough of the wave b at $1,897, and the other two supports may be easily broken.
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 rebound has been driven by three waves labelled as a, b, c, signalling the preceding medium-term downtrend remains unchanged.
A Fibonacci retracement on the rise from $1,887 to $1,962.75 reveals several supports at $1,925, $1,916 and $1,905, respectively the 50 percent, the 61.8 percent and the 76.4 percent retracements.
The strongest support could be at $1,905, which is close to the trough of the wave b at $1,897, and the other two supports may be easily broken.
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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