21 NOVEMBER 2013Business Recorder
LME aluminium to retest resistance at $1,807
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retest resistance at $1,807 per tonne, as it has not completed a rebound from the Nov. 19 low of $1,776.
The rebound followed the completion of a five-wave cycle that developed from the Oct. 29 high of $1,905.75.
At least three waves labelled a, b, c will make up the rebound. So far, only the first wave has unfolded.
The current wave b may end around $1,776, followed by the upward wave c, which will travel towards $1,807, the 23.6 percent Fibonacci retracement on the cycle.
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 rebound followed the completion of a five-wave cycle that developed from the Oct. 29 high of $1,905.75.
At least three waves labelled a, b, c will make up the rebound. So far, only the first wave has unfolded.
The current wave b may end around $1,776, followed by the upward wave c, which will travel towards $1,807, the 23.6 percent Fibonacci retracement on the cycle.
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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