04 AUGUST 2013Business Recorder
LME aluminium to drop into $1,787-$1,797 range
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to drop into a range of $1,787-$1,797 per tonne, as indicated by its wave pattern and a Fibonacci retracement analysis.
The rebound from the recent low of $1,772.25 has stopped in a range of $1,828-$1,842, formed by the 61.8 percent and the 76.4 percent Fibonacci retracements on the fall from the July 22 high of $1,863 to this low.
These ratios may be applied to the current drop as well, and another Fibonacci retracement analysis on the rise from $1,772.25 to $1,836 reveals the target zone of $1,787-$1,797.
A rise above $1,815 may be capped at $1,821, the 23.6 percent retracement.
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 rebound from the recent low of $1,772.25 has stopped in a range of $1,828-$1,842, formed by the 61.8 percent and the 76.4 percent Fibonacci retracements on the fall from the July 22 high of $1,863 to this low.
These ratios may be applied to the current drop as well, and another Fibonacci retracement analysis on the rise from $1,772.25 to $1,836 reveals the target zone of $1,787-$1,797.
A rise above $1,815 may be capped at $1,821, the 23.6 percent retracement.
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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