Business Recorder
LME aluminium to drop to $2,221.75/T~
Edited by : AL CIRCLE
1 min read
SINGAPORE: LME aluminium will retrace to $2,221.75, as it could have started a downward wave "c".
This wave followed the completion of an upward wave "b" which stopped around $2,265, the 61.8 percent Fibonacci retracement on the fall from $2,310 to $2,191.
An hourly chart high at $2,221.75 touched on Feb. 3 serves as an immediate target, but the downside could be extended to$2,191, the presumed wave "a" trough.
A rise above $2,265 will extend to $2,282, the 76.4 percent retracement 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
This wave followed the completion of an upward wave "b" which stopped around $2,265, the 61.8 percent Fibonacci retracement on the fall from $2,310 to $2,191.
An hourly chart high at $2,221.75 touched on Feb. 3 serves as an immediate target, but the downside could be extended to$2,191, the presumed wave "a" trough.
A rise above $2,265 will extend to $2,282, the 76.4 percent retracement 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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