28 AUGUST 2015Business Recorder
LME aluminium to fall towards $1,504
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to fall towards a support at $1,504 per tonne, as it may have completed a bounce caused by this level.
The support is provided by the 200 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of $1,729.50. This wave has been travelling within a falling channel, and the lower channel suggests a target at $1,487, the 214.6 percent level.
A further gain from the current level may be limited to $1,560, the 150 percent level, around which, the upper channel line has established a resistance as well.
The support is provided by the 200 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of $1,729.50. This wave has been travelling within a falling channel, and the lower channel suggests a target at $1,487, the 214.6 percent level.
A further gain from the current level may be limited to $1,560, the 150 percent level, around which, the upper channel line has established a resistance as well.
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