08 APRIL 2014Business Recorder
LME aluminium to hover above $1,816
Edited by : AL CIRCLE
1 min read
LME aluminium has found a support at $1,816 per tonne and may hover above this level for a trading session or revisit its April 4 high of $1,849.
The support is provided by the 61.8 percent Fibonacci retracement on the fall from the Oct. 29, 2013 high of $1,905.75 to the Feb. 3 low of $1,671.25. An upward wave c driving aluminium from the March 19 low of $1,704.25 seems to be only partially completed, as a result, the current support may work effectively.
A break below the support will cause a further drop to $1,789, the 50 percent retracement.
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 retracement on the fall from the Oct. 29, 2013 high of $1,905.75 to the Feb. 3 low of $1,671.25. An upward wave c driving aluminium from the March 19 low of $1,704.25 seems to be only partially completed, as a result, the current support may work effectively.
A break below the support will cause a further drop to $1,789, the 50 percent retracement.
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
UC RUSAL denies cannibalising ALSCON
Next articleCentury Aluminum sets to announce First Quarter 2014 Earnings on April 24th
Grow with
AL Circle
