04 SEPTEMBER 2013Business Recorder
LME aluminium to break support at $1,815
Edited by : AL CIRCLE
1 min read
LME aluminium has completed rebound triggered by support at $1,815 and is expected to break this level on Tuesday.
Support is provided by the 76.4 percent Fibonacci retracement on the rise from the Aug. 7 low of $1,773.25 to the Aug. 19 high of $1,949, serving as the last barrier towards $1,773.25.
Wave pattern shows that the rebound has been driven by a wave 4, which has peaked around resistance at $1,840, the 61.8 percent retracement.
This wave is expected to be totally reversed by a downward wave 5, which is capable of travelling to $1,773.25.
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.
Support is provided by the 76.4 percent Fibonacci retracement on the rise from the Aug. 7 low of $1,773.25 to the Aug. 19 high of $1,949, serving as the last barrier towards $1,773.25.
Wave pattern shows that the rebound has been driven by a wave 4, which has peaked around resistance at $1,840, the 61.8 percent retracement.
This wave is expected to be totally reversed by a downward wave 5, which is capable of travelling to $1,773.25.
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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