09 MAY 2014Business Recorder
LME aluminium to consolidate in $1,760-$1,780 range
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to consolidate in a range of $1,760-$1,780 per tonne, as indicated by two sets of Fibonacci retracement analyses.
One set is on the rise from the March 19 low of $1,704.25 to the April 11 high of $1,902.50, revealing a resistance at $1,780, the 61.8 percent level.
The other set is on the rise from the Feb. 3 low of $1,671.25 to the same high, marking a support at $1,760, the 61.8 percent retracement as well.
A break below $1,760 may trigger a limited loss to $1,751, a 76.4 percent retracement, only a further break below which could cause a bigger loss to $1,726, a 76.4 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.
One set is on the rise from the March 19 low of $1,704.25 to the April 11 high of $1,902.50, revealing a resistance at $1,780, the 61.8 percent level.
The other set is on the rise from the Feb. 3 low of $1,671.25 to the same high, marking a support at $1,760, the 61.8 percent retracement as well.
A break below $1,760 may trigger a limited loss to $1,751, a 76.4 percent retracement, only a further break below which could cause a bigger loss to $1,726, a 76.4 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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