Business Recorder
LME aluminium to dive to $2,135/T
Edited by : AL CIRCLE
1 min read
SINGAPORE: LME aluminium will dive to $2,135 per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.
The metal is riding on a downward wave "c", unfolding towards the 100 percent Fibonacci projection level, based on the length of the preceding wave "a" and the peak of the wave "b" at $2,246.75.
The wave "c" is capable of travelling to $2,066, the 161.8 percent projection level, over the next few trading sessions.
This aggressive target will be confirmed by a double-top once the metal breaks the neckline support at $2,191.
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 metal is riding on a downward wave "c", unfolding towards the 100 percent Fibonacci projection level, based on the length of the preceding wave "a" and the peak of the wave "b" at $2,246.75.
The wave "c" is capable of travelling to $2,066, the 161.8 percent projection level, over the next few trading sessions.
This aggressive target will be confirmed by a double-top once the metal breaks the neckline support at $2,191.
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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