21 FEBRUARY 2013Business Recorder
LME aluminium to fall to $2,066
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to fall to $2,066 per tonne, with a good chance of extending its loss to $2,056.
A head-and-shoulders has been confirmed, pointing to a target at $2,000, which looks too aggressive now. A more realistic target will be $2,066, the 76.4 percent Fibonacci retracement on the rise from Jan. 29 low of $2,033 to $2,174.
The metal is riding on a downward wave 3, which is sharp enough to travel beyond $2,066 to reach $2,056, its 100 percent Fibonacci projection level.
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 head-and-shoulders has been confirmed, pointing to a target at $2,000, which looks too aggressive now. A more realistic target will be $2,066, the 76.4 percent Fibonacci retracement on the rise from Jan. 29 low of $2,033 to $2,174.
The metal is riding on a downward wave 3, which is sharp enough to travel beyond $2,066 to reach $2,056, its 100 percent Fibonacci projection level.
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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