20 MARCH 2014Business Recorder
LME aluminium to retest support at $1,721
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retest a support at $1,721 per tonne, as it has completed a pullback triggered by this level.
The support has been established at the 61.8 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the March 6 high of $1,802.
The pullback was towards the trendline rising from $1,671.25. Apparently, aluminium has failed to break above this trendline. A surge above $1,742 will confirm an extension of the pullback towards $1,752, the 38.2 percent level. 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 support has been established at the 61.8 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the March 6 high of $1,802.
The pullback was towards the trendline rising from $1,671.25. Apparently, aluminium has failed to break above this trendline. A surge above $1,742 will confirm an extension of the pullback towards $1,752, the 38.2 percent level. 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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