22 AUGUST 2013Business Recorder
LME aluminium to fall to $1,892
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to revisit its Tuesday low of $1,892 per tonne, as a drop from the recent high of $1,949 has not completed.
The drop may be composed of three waves labelled a, b, c. The wave b seems to have completed within a resistance zone of $1,914-$1,921, formed by the 38.2 percent and the 50 percent Fibonacci retracements on the fall from $1,949 to $1,892.
The downward wave c may have started, progressing towards $1,882, its 61.8 percent Fibonacci projection level.
Resistance is at $1,921, a rise above which may be capped at $1,927, the 61.8 percent retracement.
The drop may be composed of three waves labelled a, b, c. The wave b seems to have completed within a resistance zone of $1,914-$1,921, formed by the 38.2 percent and the 50 percent Fibonacci retracements on the fall from $1,949 to $1,892.
The downward wave c may have started, progressing towards $1,882, its 61.8 percent Fibonacci projection level.
Resistance is at $1,921, a rise above which may be capped at $1,927, the 61.8 percent retracement.
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