09 OCTOBER 2013Business Recorder
LME aluminium to climb into $1,866-$1,878 range
Edited by : AL CIRCLE
1 min read
LME aluminium may climb into a range of $1,866-$1,878 per tonne, driven by a wave c.
This is the third wave of a three-wave cycle that developed from the Sept. 17 low of $1,775.50. It may eventually travel to $1,898, its 100 percent Fibonacci projection level.
However, there is a resistance zone of $1,866-$1,878 to block the way towards $1,898. The zone has been formed by the 61.8 percent and the 76.4 percent projection levels.
A drop below $1,837 would signal a premature completion of the wave c, and the Oct. 4 low of $1,813.75 could be revisited.
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.
This is the third wave of a three-wave cycle that developed from the Sept. 17 low of $1,775.50. It may eventually travel to $1,898, its 100 percent Fibonacci projection level.
However, there is a resistance zone of $1,866-$1,878 to block the way towards $1,898. The zone has been formed by the 61.8 percent and the 76.4 percent projection levels.
A drop below $1,837 would signal a premature completion of the wave c, and the Oct. 4 low of $1,813.75 could be revisited.
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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