18 APRIL 2014Business Recorder
LME aluminium to retest support at $1,848
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retest a support at $1,848 per tonne, as a drop from the April 11 high of $1,902.50 has not completed.
The drop followed the completion of an uptrend that developed from the Feb. 3 low of $1,671.25. A Fibonacci retracement analysis on the trend reveals the support at $1,848, the 23.6 percent level, which has caused the current rebound.
This rebound has been driven by a wave b, the second wave of a three-wave cycle starting at $1,902.50.
This wave will be totally reversed by a downward wave c, which may eventually travel to $1,814, the 38.2 percent retracement.
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 drop followed the completion of an uptrend that developed from the Feb. 3 low of $1,671.25. A Fibonacci retracement analysis on the trend reveals the support at $1,848, the 23.6 percent level, which has caused the current rebound.
This rebound has been driven by a wave b, the second wave of a three-wave cycle starting at $1,902.50.
This wave will be totally reversed by a downward wave c, which may eventually travel to $1,814, the 38.2 percent retracement.
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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