07 MAY 2014www.brecorder.com
LME aluminium to rebound to $1,803
Edited by : AL CIRCLE
1 min read
LME aluminium may rebound to $1,803 per tonne as it has managed to stabilise around a support at $1,780.
The support has been identified as the 61.8 percent Fibonacci retracement on the rise from the March 19 low of $1,704.25 to the April 11 high of $1,902.50.
Working together with this support is another one at $1,787, the 50 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to $1,902.50.
An immediate rebound target could be $1,803, a 50 percent retracement, a break above which could lead to a further gain to $1,814, a 38.2 percent retracement.
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 support has been identified as the 61.8 percent Fibonacci retracement on the rise from the March 19 low of $1,704.25 to the April 11 high of $1,902.50.
Working together with this support is another one at $1,787, the 50 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to $1,902.50.
An immediate rebound target could be $1,803, a 50 percent retracement, a break above which could lead to a further gain to $1,814, a 38.2 percent retracement.
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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