Business Recorder
LME aluminium to drop to $2,132/T
Edited by : AL CIRCLE
1 min read
SINGAPORE: LME aluminum will drop to $2,132 per tonne, as a small five-wave cycle has peaked at the Thursday high of $2,197.
The cycle has been developing in a rising channel, and the lower channel line points to a target of $2,132, the 38.2 percent Fibonacci retracement on the rise from $2,027.75 to $2,197.
The bearish divergence on the hourly RSI indicator suggests the metal has been overbought.
A fall below $2,131 will extend to $2,112, 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 cycle has been developing in a rising channel, and the lower channel line points to a target of $2,132, the 38.2 percent Fibonacci retracement on the rise from $2,027.75 to $2,197.
The bearish divergence on the hourly RSI indicator suggests the metal has been overbought.
A fall below $2,131 will extend to $2,112, 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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