11 MARCH 2014Business Recorder
LME aluminium to retest support at $1,737
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retest support at $1,737 per tonne, a break below which will cause a further loss to a range of $1,702-$1,721.
The deep fall from the March 6 high of $1,802 strongly suggests the completion of a preceding uptrend that rose from the Feb. 3 low of $1,671.25.
A Fibonacci retracement analysis on the uptrend reveals support at $1,737, the 50 percent level. This support could be responsible for the swift bounce from a low at $1,740 touched on Monday.
The bounce may end below resistance at $1,771, the 23.6 percent level, followed by a drop towards the range formed by the 76.4 percent and the 61.8 percent projection levels.
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 deep fall from the March 6 high of $1,802 strongly suggests the completion of a preceding uptrend that rose from the Feb. 3 low of $1,671.25.
A Fibonacci retracement analysis on the uptrend reveals support at $1,737, the 50 percent level. This support could be responsible for the swift bounce from a low at $1,740 touched on Monday.
The bounce may end below resistance at $1,771, the 23.6 percent level, followed by a drop towards the range formed by the 76.4 percent and the 61.8 percent projection levels.
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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