04 NOVEMBER 2013www.brecorder.com
LME aluminium to retest support at $1,842
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retest support at $1,842 per tonne, after it completes its pullback towards $1,860.
The support is provided by the 38.2 percent Fibonacci retracement on the fall from the Aug. 19 high of $1,949 to the Sept. 17 low of $1,775.50.
It has caused a pullback towards the lower channel line of a rising channel.
The metal's escape from the channel signals it has moved into the price band of a duplicated channel, the lower channel line of which points to a target at $1,800.
A more realistic target could be $1,816, the 23.6 percent retracement.
The support is provided by the 38.2 percent Fibonacci retracement on the fall from the Aug. 19 high of $1,949 to the Sept. 17 low of $1,775.50.
It has caused a pullback towards the lower channel line of a rising channel.
The metal's escape from the channel signals it has moved into the price band of a duplicated channel, the lower channel line of which points to a target at $1,800.
A more realistic target could be $1,816, the 23.6 percent retracement.
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