17 JULY 2014Business Recorder
LME aluminium to gain more to $1,999
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to rise to $1,999 per tonne, as it has broken above a resistance at $1,961.
The resistance was provided by the 76.4 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836.
The next resistance will be at 1,999, the 100 percent projection level.
A sudden drop to $1,957 will signal a false break above $1,961, and a bearish target at $1,937, the 61.8 percent projection level, will be established.
The resistance was provided by the 76.4 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836.
The next resistance will be at 1,999, the 100 percent projection level.
A sudden drop to $1,957 will signal a false break above $1,961, and a bearish target at $1,937, the 61.8 percent projection level, will be established.
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