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LME aluminium to consolidate in $2,096-$2,158 range
Edited by : AL CIRCLE
1 min read
SINGAPORE: LME aluminum is expected to consolidate in a range of $2,096-$2,158 per tonne for one or two trading sessions, before plunging again.
The deep fall during the previous trading session has confirmed the resumption of a long-term downtrend, however, it has also overdone a short-term downtrend, and as a reaction, a rebound has been triggered.
A Fibonacci retracement analysis on the fall from $2,220 to $2,096.25 reveals the rebound may not travel very far, and most likely it will be capped at $2,158, the 50 percent level.
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 deep fall during the previous trading session has confirmed the resumption of a long-term downtrend, however, it has also overdone a short-term downtrend, and as a reaction, a rebound has been triggered.
A Fibonacci retracement analysis on the fall from $2,220 to $2,096.25 reveals the rebound may not travel very far, and most likely it will be capped at $2,158, the 50 percent level.
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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