23 APRIL 2014Business Recorder
LME aluminium to break support at $1,848
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to break a support at $1,848 per tonne and fall more to $1,814, as a drop from the April 11 high of $1,902.50 has not completed.
The drop followed a completion of a corrective wave cycle that developed from the Feb. 3 low of $1,671.25. Based on a Fibonacci retracement analysis on the cycle, aluminium may at least reach $1,814, the 38.2 percent retracement.
Three small waves labelled a, b, c will make up the fall, with the current wave c travelling towards $1,848, the 23.6 percent retracement.
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 drop followed a completion of a corrective wave cycle that developed from the Feb. 3 low of $1,671.25. Based on a Fibonacci retracement analysis on the cycle, aluminium may at least reach $1,814, the 38.2 percent retracement.
Three small waves labelled a, b, c will make up the fall, with the current wave c travelling towards $1,848, the 23.6 percent retracement.
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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