07 OCTOBER 2015Business Recorder
LME aluminium to retest resistance at $1,573
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retest a resistance at $1,573 per tonne, with a good chance of breaking above this level and rising more towards a range of $1,580-$1,588.
The resistance is provided by the 38.2 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the Aug. 24 low of $1,506. It temporarily blocks the way towards the range formed by the 61.8 percent and the 76.4 percent levels.
However, this wave is capable of travelling to $1,602, the 100 percent level. The resistance thus looks vulnerable. Only a break below $1,553, the 14.6 percent level, could confirm a resumption of the downtrend from the Sept. 9 high of $1,655.50.
The resistance is provided by the 38.2 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the Aug. 24 low of $1,506. It temporarily blocks the way towards the range formed by the 61.8 percent and the 76.4 percent levels.
However, this wave is capable of travelling to $1,602, the 100 percent level. The resistance thus looks vulnerable. Only a break below $1,553, the 14.6 percent level, could confirm a resumption of the downtrend from the Sept. 9 high of $1,655.50.
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