Business Recorder
LME aluminium to fall to $2,388/T
Edited by : AL CIRCLE
1 min read
LME aluminium will fall to $2,388 per tonne as a medium-term downtrend that started at the July 27 high of $2,675.25 has resumed.
The downtrend has only been partially reversed by a rebound that started at the Aug 19 low of $2,323, and ended around $2,458, the 38.2 percent Fibonacci retracement on the fall from $2,675.25 to $2,323.
A Fibonacci projection of the current wave "c" indicates its next target will be $2,388, the 100 percent level, which is also indicated by the lower channel line of a falling channel.
The downtrend has only been partially reversed by a rebound that started at the Aug 19 low of $2,323, and ended around $2,458, the 38.2 percent Fibonacci retracement on the fall from $2,675.25 to $2,323.
A Fibonacci projection of the current wave "c" indicates its next target will be $2,388, the 100 percent level, which is also indicated by the lower channel line of a falling channel.
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