06 AUGUST 2015Business Recorder
LME aluminium to hover above $1,603
Edited by : AL CIRCLE
1 min read
LME aluminium has found a support at $1,603 per tonne, and may hover above this level or rebound to $1,653.
The support is provided by the 100 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the Sept. 2, 2014 high of $2,119.
This wave may end either around this support or extend into a much lower range of $1,371-$1,459, formed by the 161.8 percent and the 138.2 percent levels. Regardless of a possible extension of this wave, aluminium may first bounce towards $1,653, the 86.4 percent level.
The support is provided by the 100 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the Sept. 2, 2014 high of $2,119.
This wave may end either around this support or extend into a much lower range of $1,371-$1,459, formed by the 161.8 percent and the 138.2 percent levels. Regardless of a possible extension of this wave, aluminium may first bounce towards $1,653, the 86.4 percent level.
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