22 JULY 2013Business Recorder
LME aluminium to edge up to $1,827
Edited by : AL CIRCLE
1 min read
LME aluminium may edge up to its Wednesday high of $1,827 per tonne, as it seems to have found strong support at $1,794.
A wave pattern indicates the formation of a flat, which will consist of three waves roughly equal in length. Labelled c, the current wave may approach the peak of the starting point of the wave at $1,827.
The presumed flat may also turn out to be a triangle, which will have a shorter wave c, peaking at a lower level than $1,827.
A break below $1,794 will make the target at $1,780
available, which is the 76.4 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to the July 12 high of $1,851.25.
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.
A wave pattern indicates the formation of a flat, which will consist of three waves roughly equal in length. Labelled c, the current wave may approach the peak of the starting point of the wave at $1,827.
The presumed flat may also turn out to be a triangle, which will have a shorter wave c, peaking at a lower level than $1,827.
A break below $1,794 will make the target at $1,780
available, which is the 76.4 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to the July 12 high of $1,851.25.
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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