17 JUNE 2014Business Recorder
LME aluminium to rebound to $1,879
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to rebound to $1,879 per tonne, as it has found a support at $1,836.
The support is provided by the 50 percent Fibonacci retracement on the rise from the May 21 low of $1,754.75 to the June 9 high of $1,918, it could have triggered a rebound towards the 23.6 percent retracement at $1,879.
It must be noted that the drop from $1,918 looks incomplete, a break below $1,836 will confirm the resumption of the drop towards $1,793, the 76.4 percent level, which is also pointed by a trendline rising from the Feb. 3 low of $1,671.25.
The support is provided by the 50 percent Fibonacci retracement on the rise from the May 21 low of $1,754.75 to the June 9 high of $1,918, it could have triggered a rebound towards the 23.6 percent retracement at $1,879.
It must be noted that the drop from $1,918 looks incomplete, a break below $1,836 will confirm the resumption of the drop towards $1,793, the 76.4 percent level, which is also pointed by a trendline rising from the Feb. 3 low of $1,671.25.
Previous article
Alba inaugurates new datacentre
Next articleMissouri considers electric rate cut for Noranda Aluminum
Grow with
AL Circle
