27 FEBRUARY 2013Business Recorder
LME aluminium to rebound to $2,056
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to rebound to $2,056 per tonne, as it has completed a wave 3.
This is the third wave of a five-wave cycle that started at the Feb. 20 high of $2,129.50, and it has completed after travelling a distance exactly 1.618 times the length of the wave a, as indicated by a Fibonacci projection analysis.
The completion has triggered a wave 4 rebound towards $2,056, the 38.2 percent Fibonacci retracement on the fall from $2,129.50 to $2,010.
Strategically, the target will be confirmed when aluminium goes above a resistance at $2,038, provided by the 23.6 percent level, as a weak rebound may stop around this resistance.
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.
This is the third wave of a five-wave cycle that started at the Feb. 20 high of $2,129.50, and it has completed after travelling a distance exactly 1.618 times the length of the wave a, as indicated by a Fibonacci projection analysis.
The completion has triggered a wave 4 rebound towards $2,056, the 38.2 percent Fibonacci retracement on the fall from $2,129.50 to $2,010.
Strategically, the target will be confirmed when aluminium goes above a resistance at $2,038, provided by the 23.6 percent level, as a weak rebound may stop around this resistance.
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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