19 AUGUST 2014Business Recorder
LME aluminium to retest support at $1,986
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retest a support at $1,986 per tonne, a break below which will open the way towards $1,931.
The drop from the Aug. 12 high of $2,056 followed the completion of a five-wave cycle that developed from the May 21 low of $1,754.75.
This cycle will be reversed more, as indicated by the bearish divergence on the daily MACD.
A Fibonacci projection analysis reveals the support at $1,986, the 100 percent level, which has temporarily stopped the fall towards the 76.4 percent level at $1,931. The current moderate rebound triggered by the support may end around $2,022.
The drop from the Aug. 12 high of $2,056 followed the completion of a five-wave cycle that developed from the May 21 low of $1,754.75.
This cycle will be reversed more, as indicated by the bearish divergence on the daily MACD.
A Fibonacci projection analysis reveals the support at $1,986, the 100 percent level, which has temporarily stopped the fall towards the 76.4 percent level at $1,931. The current moderate rebound triggered by the support may end around $2,022.
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