28 JANUARY 2016Business Recorder
LME aluminium to approach $1,511
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to approach resistance at $1,511 per tonne, driven by a wave c.
This is the third wave of a three-wave cycle from the January 12 low of $1,449. It is progressing towards $1,511, the 23.6 percent Fibonacci projection level of a downward wave C, which is the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50.
A break above $1,511 could lead to a gain to $1,531, the 14.6 percent level, while only a break below support at $1,453, the 50 percent level, could confirm the continuation of the wave C towards $1,426, the 61.8 percent level.
This is the third wave of a three-wave cycle from the January 12 low of $1,449. It is progressing towards $1,511, the 23.6 percent Fibonacci projection level of a downward wave C, which is the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50.
A break above $1,511 could lead to a gain to $1,531, the 14.6 percent level, while only a break below support at $1,453, the 50 percent level, could confirm the continuation of the wave C towards $1,426, the 61.8 percent level.
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