02 JANUARY 2014Business Recorder
LME aluminium to hover above $1,796
Edited by : AL CIRCLE
1 min read
LME aluminium may hover above a support at $1,796 for one trading session or rebound moderately to $1,805 per tonne before falling towards $1,780.
The support is provided by the 61.8 percent Fibonacci projection level of a downward wave c, the third wave of a three-wave cycle that developed from the Dec. 30, 2013 high of $1,839. This wave may eventually travel to $1,780, its 100 percent projection level. A break above the 38.2 percent projection level at $1,805 will make signals neutral.
However, only a rise above $1,821.50 could confirm the resumption of the uptrend.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
The support is provided by the 61.8 percent Fibonacci projection level of a downward wave c, the third wave of a three-wave cycle that developed from the Dec. 30, 2013 high of $1,839. This wave may eventually travel to $1,780, its 100 percent projection level. A break above the 38.2 percent projection level at $1,805 will make signals neutral.
However, only a rise above $1,821.50 could confirm the resumption of the uptrend.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Previous article
Smelter's competitiveness hurt as production is reduced
Next articleAluminium moves up 0.73 pc in futures trade on spot demand
Grow with
AL Circle
