05 MAY 2015Business Recorder
LME aluminium to fall to $1,892
Edited by : AL CIRCLE
1 min read
LME aluminium may fall to a support at $1,892 per tonne, as it has peaked around a resistance at $1,930.
The resistance and the support are identified respectively as the 161.8 percent and the 123.6 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle that developed from the March 12 low of $1,745.
This wave could be well divided into five small waves, a signal that it has completed. The bearish divergence on the hourly MACD confirms the completion.
A bounce from the current level may be limited to $1,918, the 150 percent level.
The resistance and the support are identified respectively as the 161.8 percent and the 123.6 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle that developed from the March 12 low of $1,745.
This wave could be well divided into five small waves, a signal that it has completed. The bearish divergence on the hourly MACD confirms the completion.
A bounce from the current level may be limited to $1,918, the 150 percent level.
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