25 OCTOBER 2013Business Recorder
LME aluminium to consolidate in $1,840-$1,860 range
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to consolidate in a range of $1,840-$1,860 per tonne, as indicated by its wave pattern and two trendlines.
The drop from the Oct. 22 high of $1,891.25 is labelled as a wave c, the final wave of a three-wave cycle that developed from the Oct. 11 high of $1,890.
Five small waves will make up the wave c, with the weak rebound from the Wednesday low of $1,840 classified as a wave 4, to be followed by a downward wave 5.
Two trendlines respectively rising from the Sept. 17 low of $1,775.50 and the Oct. 16 low of $1,825.50 have defined the range of the volatility. The likely scenario will be aluminium ending its rebound around $1,860 and then falling towards $1,840 .
The drop from the Oct. 22 high of $1,891.25 is labelled as a wave c, the final wave of a three-wave cycle that developed from the Oct. 11 high of $1,890.
Five small waves will make up the wave c, with the weak rebound from the Wednesday low of $1,840 classified as a wave 4, to be followed by a downward wave 5.
Two trendlines respectively rising from the Sept. 17 low of $1,775.50 and the Oct. 16 low of $1,825.50 have defined the range of the volatility. The likely scenario will be aluminium ending its rebound around $1,860 and then falling towards $1,840 .
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