22 MARCH 2016www.brecorder.com
LME aluminium to hover above $1,509
Edited by : AL CIRCLE
1 min read
Aluminium at London Metal Exchange (LME) seems to have stabilised around a support at $1,509 per tonne and may either hover above this level for one day or rebound to a resistance at $1,545.
The support and the resistance are identified respectively as the 61.8 per cent and the 38.2 per cent Fibonacci retracements on the rise from the January 12 low of $1,449 to the March 7 high of $1,605.
A break above $1,545 could be unlikely, as the downtrend from $1,605 may eventually extend to $1,449. A break below $1,509 could cause a loss to the 76.4 per cent level at $1,486.
The support and the resistance are identified respectively as the 61.8 per cent and the 38.2 per cent Fibonacci retracements on the rise from the January 12 low of $1,449 to the March 7 high of $1,605.
A break above $1,545 could be unlikely, as the downtrend from $1,605 may eventually extend to $1,449. A break below $1,509 could cause a loss to the 76.4 per cent level at $1,486.
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