03 OCTOBER 2013Business Recorder
LME aluminium to extend loss to $1,795
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to extend its loss to $1,795 per tonne, as it could have resumed a preceding downtrend that developed from the Aug. 19 high of $1,949.
The trend has been disrupted by a rebound from the Sept. 17 low of $1,775.50. This rebound will be totally reversed over the next few trading sessions.
A Fibonacci retracement analysis on the rise from $1,775.50 to the Monday high of $1,860 reveals support at $1,818, the 50 percent level, which looks vulnerable following the sharp drop on Tuesday.
The support at $1,808, provided by the 61.8 percent retracement, has been ignored as it may not work, simply because the support at $1,818 has caused a weak rebound.
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 trend has been disrupted by a rebound from the Sept. 17 low of $1,775.50. This rebound will be totally reversed over the next few trading sessions.
A Fibonacci retracement analysis on the rise from $1,775.50 to the Monday high of $1,860 reveals support at $1,818, the 50 percent level, which looks vulnerable following the sharp drop on Tuesday.
The support at $1,808, provided by the 61.8 percent retracement, has been ignored as it may not work, simply because the support at $1,818 has caused a weak rebound.
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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