01 AUGUST 2014Business Recorder
LME aluminium to range from $1,989 to $2,043
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to consolidate in the range of $1,989-$2,043 for a few trading sessions before either resuming or reversing its uptrend.
The range has been formed by the 100 percent and the 123.6 percent Fibonacci projection levels of an upward wave C that developed from the June 12 low of $1,836.
This wave may consist of five small waves, with the drop from the July 22 high of $2,054.75 temporarily labelled 4. Given that the preceding wave 2 has adopted a sharp mode, the wave 4 may be sideways.
A break below $1,989 could lead to a further loss to $1,934, the 76.4 percent projection level.
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 range has been formed by the 100 percent and the 123.6 percent Fibonacci projection levels of an upward wave C that developed from the June 12 low of $1,836.
This wave may consist of five small waves, with the drop from the July 22 high of $2,054.75 temporarily labelled 4. Given that the preceding wave 2 has adopted a sharp mode, the wave 4 may be sideways.
A break below $1,989 could lead to a further loss to $1,934, the 76.4 percent projection level.
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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