05 AUGUST 2014Business Recorder
LME aluminium to approach resistance at $2,043
Edited by : AL CIRCLE
1 min read
LME aluminium may approach a resistance at $2,043 per tonne, as it remains within a rising channel.
The lower channel line of which has established a support, holding the fall from the July 22 high of $2,054.75. Wave pattern suggests the fall could be labelled as a wave 4, which will be totally reversed by an upward wave 5.
However, a drop below the Aug. 1 low of $1,968 will signal an escape from the channel, and a bearish target will be established at $1,934, the 76.4 percent Fibonacci projection level of an upward wave C that developed from the June 12 low of $1,836.
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 lower channel line of which has established a support, holding the fall from the July 22 high of $2,054.75. Wave pattern suggests the fall could be labelled as a wave 4, which will be totally reversed by an upward wave 5.
However, a drop below the Aug. 1 low of $1,968 will signal an escape from the channel, and a bearish target will be established at $1,934, the 76.4 percent Fibonacci projection level of an upward wave C that developed from the June 12 low of $1,836.
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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