18 SEPTEMBER 2013Business Recorder
LME aluminium to drop to $1,758
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to drop to its June 27 low of $1,758 per tonne, as it has broken below a trendline rising from this level.
The break indicates a slim chance of the rebound from $1,758 extending, and the drop from the Aug. 19 high of $1,949 looks like a continuation of the preceding long-term downtrend.
The metal is pulling back towards the trendline and will resume its drop on Tuesday. There might not be any support to stop the drop, until it reaches $1,758.
A rise to $1,795 will signal a false break below the trendline, and the target has to be aborted.
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 break indicates a slim chance of the rebound from $1,758 extending, and the drop from the Aug. 19 high of $1,949 looks like a continuation of the preceding long-term downtrend.
The metal is pulling back towards the trendline and will resume its drop on Tuesday. There might not be any support to stop the drop, until it reaches $1,758.
A rise to $1,795 will signal a false break below the trendline, and the target has to be aborted.
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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