24 AUGUST 2013Business Recorder
LME aluminium to hover above support at $1,879
Edited by : AL CIRCLE
1 min read
LME aluminium may hover above a support at $1,879 per tonne for one trading session before breaking this level and falling further to $1,853.
The support is provided by the 61.8 percent Fibonacci projection level of a downward wave c, strengthened by another one at $1,882, the 38.2 percent Fibonacci retracement on the rise from the Aug. 7 low of $1,773.25 to Aug. 19 high of $1,949.
The wave c is capable of travelling the same distance as the preceding wave a, to arrive at $1,853, its 100 percent Fibonacci projection level. However, this target will only be confirmed when the metal drops below $1,870.
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, strengthened by another one at $1,882, the 38.2 percent Fibonacci retracement on the rise from the Aug. 7 low of $1,773.25 to Aug. 19 high of $1,949.
The wave c is capable of travelling the same distance as the preceding wave a, to arrive at $1,853, its 100 percent Fibonacci projection level. However, this target will only be confirmed when the metal drops below $1,870.
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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