18 JULY 2014Business Recorder
LME aluminium to approach $1,999 again
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to approach a resistance at $1,999 per tonne again, to complete a wave c.
This is the third wave of a three-wave cycle that developed from the June 12 low of $1,836, it may travel the same distance as the preceding wave a, to arrive at $1,999, a 100 percent projection level.
A break above $1,999 will confirm an extension of the wave c towards $2,038, the 123.6 percent projection level, while a drop below $1,961 will signal the completion of the wave c.
This is the third wave of a three-wave cycle that developed from the June 12 low of $1,836, it may travel the same distance as the preceding wave a, to arrive at $1,999, a 100 percent projection level.
A break above $1,999 will confirm an extension of the wave c towards $2,038, the 123.6 percent projection level, while a drop below $1,961 will signal the completion of the wave c.
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