29 OCTOBER 2015AlCircle.com
LME aluminium to find fresh support at $1,462
Edited by : AL CIRCLE
1 min read
Aluminium prices on London Metal Exchange (LME) may break support at $1,475 per tonne and slide to the next support at $1,462, to complete a downward wave (c).
This is the third wave completed by LME aluminium of a three-wave cycle from the September 9 high of $1,655.50; it may eventually stand at around $1,462, the 161.8 percent projection level.
The latest support at $1,475, the 150 percent level, could be transitory and will be broken in the short term.
An increase over the October 27 high of $1,493.50 could be extended to the 123.6 percent projection level at $1,505.
This is the third wave completed by LME aluminium of a three-wave cycle from the September 9 high of $1,655.50; it may eventually stand at around $1,462, the 161.8 percent projection level.
The latest support at $1,475, the 150 percent level, could be transitory and will be broken in the short term.
An increase over the October 27 high of $1,493.50 could be extended to the 123.6 percent projection level at $1,505.
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