01 AUGUST 2013Business Recorder
LME aluminium to rebound to $1,797
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to rebound to $1,797 per tonne, as it has completed a five-wave cycle.
The cycle fell from the July 22 high of $1,863. A Fibonacci retracement analysis reveals a target at $1,797, the 23.6 percent level, a break above which will lead to a further gain to $1,810, the 38.2 percent level.
It is not clear how strong this rebound will be, as a result, the various Fibonacci retracements have to be targeted one after another.
A drop below $1,777 will confirm the continuation of the downtrend towards the June 27 low of $1,758.
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 cycle fell from the July 22 high of $1,863. A Fibonacci retracement analysis reveals a target at $1,797, the 23.6 percent level, a break above which will lead to a further gain to $1,810, the 38.2 percent level.
It is not clear how strong this rebound will be, as a result, the various Fibonacci retracements have to be targeted one after another.
A drop below $1,777 will confirm the continuation of the downtrend towards the June 27 low of $1,758.
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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