29 APRIL 2014Business Recorder
LME aluminium to hover above $1,848
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to hover above $1,848 per tonne for one day, as it failed to break below this support.
The support is provided by the 23.6 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the April 11 high of $1,902.50. The uptrend from the Feb. 3 low of $1,671.25 may have a remote chance to extend due to its corrective wave mode. That means the fall from $1,902.50 is far from complete.
A rebound has been triggered by the support.
However, it is difficult to fix a target as this rebound may end at any level below $1,890, a resistance provided by the upper trendline of a wedge. A break below $1,848 will cause a loss to $1,814, the 38.2 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 23.6 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the April 11 high of $1,902.50. The uptrend from the Feb. 3 low of $1,671.25 may have a remote chance to extend due to its corrective wave mode. That means the fall from $1,902.50 is far from complete.
A rebound has been triggered by the support.
However, it is difficult to fix a target as this rebound may end at any level below $1,890, a resistance provided by the upper trendline of a wedge. A break below $1,848 will cause a loss to $1,814, the 38.2 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.
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