27 OCTOBER 2015Business Recorder
LME aluminium to hover above support at $1,488
Edited by : AL CIRCLE
1 min read
LME aluminium may continue to hover above support at $1,488 per tonne, or bounce to resistance at $1,515.
Support is provided by the 138.2 percent Fibonacci projection level of a downward wave (c), the third wave of a three-wave cycle from the Sept. 9 high of $1,655.50.
It has triggered a strong bounce and may cause another one, which will be weaker, probably to extend to $1,515 only, the 114.6 percent level.
A break below $1,488 could cause a loss to the 161.8 percent level at $1,462.
Support is provided by the 138.2 percent Fibonacci projection level of a downward wave (c), the third wave of a three-wave cycle from the Sept. 9 high of $1,655.50.
It has triggered a strong bounce and may cause another one, which will be weaker, probably to extend to $1,515 only, the 114.6 percent level.
A break below $1,488 could cause a loss to the 161.8 percent level at $1,462.
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