30 AUGUST 2013Business Recorder
LME aluminium to drop to $1,840
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to drop to $1,840 per tonne, as indicated by a falling channel and a Fibonacci retracement analysis.
After struggling for several days around the upper channel line, aluminium eventually resumed its drop towards the lower channel line, which points $1,840, the 61.8 percent Fibonacci retracement on the rise from the Aug. 7 low of $1,773.25 to the Aug. 19 high of $1,949.
Resistance is at $1,869, the 76.4 percent projection level of a downward wave c, a break above which may trigger a limited gain to $1,882, the 38.2 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.
After struggling for several days around the upper channel line, aluminium eventually resumed its drop towards the lower channel line, which points $1,840, the 61.8 percent Fibonacci retracement on the rise from the Aug. 7 low of $1,773.25 to the Aug. 19 high of $1,949.
Resistance is at $1,869, the 76.4 percent projection level of a downward wave c, a break above which may trigger a limited gain to $1,882, the 38.2 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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