28 AUGUST 2013Business Recorder
LME aluminium to retest support at $1,879
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retest support at $1,879 per tonne, a break below which will lead to a further loss to $1,853.
Support is provided by the 61.8 percent Fibonacci projection level of a downward wave c, blocking the way towards the 100 percent projection level at $1,853.
The downtrend from the Aug. 19 high of $1,949 seems to have been confined within a falling channel, the lower channel line of which points a target slightly below $1,853.
A rise above $1,905 may be extended to $1,920.
Support is provided by the 61.8 percent Fibonacci projection level of a downward wave c, blocking the way towards the 100 percent projection level at $1,853.
The downtrend from the Aug. 19 high of $1,949 seems to have been confined within a falling channel, the lower channel line of which points a target slightly below $1,853.
A rise above $1,905 may be extended to $1,920.
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