15 JULY 2014Business Recorder
LME aluminium targets $1,961
Edited by : AL CIRCLE
1 min read
LME aluminium may rise more to $1,961 per tonne, as it has pierced above a resistance at $1,937.
The resistance is provided by the 61.8 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836.
This wave has been interrupted by a higher resistance at $1,961, the 76.4 percent level, but it is capable of travelling to $1,999, the 100 percent level. With aluminium testing $1,837 again, the wave c could have resumed towards $1,961.
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 resistance is provided by the 61.8 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836.
This wave has been interrupted by a higher resistance at $1,961, the 76.4 percent level, but it is capable of travelling to $1,999, the 100 percent level. With aluminium testing $1,837 again, the wave c could have resumed towards $1,961.
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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