BUSINESS RECORDER
LME aluminium to rebound to $2,043/T
Edited by : AL CIRCLE
1 min read
LME aluminum will rebound to $2,043 per tonne, as a wave (3)-3 has completed.
A Fibonacci retracement analysis on the fall from $2,130 to $1,990 reveals a target at $2,043, the 38.2 percent level, which could be the ultimate high the current wave (3)-4 could reach.
Support is at $1,990, a break below which will confirm the resumption of a downtrend towards $1,945, the 261.8 percent Fibonacci projection level of a wave (3) target.
A Fibonacci retracement analysis on the fall from $2,130 to $1,990 reveals a target at $2,043, the 38.2 percent level, which could be the ultimate high the current wave (3)-4 could reach.
Support is at $1,990, a break below which will confirm the resumption of a downtrend towards $1,945, the 261.8 percent Fibonacci projection level of a wave (3) target.
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