11 NOVEMBER 2013Business Recorder
LME aluminium to rebound to $1,841
Edited by : AL CIRCLE
1 min read
LME aluminium has found a support at $1,806 per tonne and may rebound to $1,841.
The support is provided by the 76.4 percent Fibonacci retracement on the rise from the Sept. 17 low of $1,775.50 to the Oct. 29 high of $1,905.75. It has been proved effective as the downtrend stopped to extend.
The trend is expected to be reversed more as it could have completed its five-component waves. Most likely, the current rebound will reach $1,841, the 50 percent retracement. A break below $1,806 will open the way towards $1,775.50.
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 is provided by the 76.4 percent Fibonacci retracement on the rise from the Sept. 17 low of $1,775.50 to the Oct. 29 high of $1,905.75. It has been proved effective as the downtrend stopped to extend.
The trend is expected to be reversed more as it could have completed its five-component waves. Most likely, the current rebound will reach $1,841, the 50 percent retracement. A break below $1,806 will open the way towards $1,775.50.
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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