14 OCTOBER 2013www.brecorder.com
LME aluminium to drop towards $1,842
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to break a support at $1,862 per tonne and fall further towards $1,842, as it has completed a rebound from the Sept. 17 low of $1,775.50.
The completion has been indicated by aluminium's repeated failure to break a resistance at $1.883, which is provided by the 61.8 percent Fibonacci retracement on the fall from the Aug. 19 high of $1,949 to $1,775.50.
Further indication on the completion has been given by the wave structure on the rise from the Oct. 4 low of $1,813.75, which consists of five small waves labelled 1, 2, 3, 4, 5.
A break above $1,883 will open the way towards $1,908, the 76.4 percent retracement.
The completion has been indicated by aluminium's repeated failure to break a resistance at $1.883, which is provided by the 61.8 percent Fibonacci retracement on the fall from the Aug. 19 high of $1,949 to $1,775.50.
Further indication on the completion has been given by the wave structure on the rise from the Oct. 4 low of $1,813.75, which consists of five small waves labelled 1, 2, 3, 4, 5.
A break above $1,883 will open the way towards $1,908, the 76.4 percent retracement.
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