12 SEPTEMBER 2014Business Recorder
LME aluminium to retest support at $2,041
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retest support at $2,041 per tonne, with a good chance of breaking below this level and falling more to $1,986.
The support is provided by 123.6 percent Fibonacci projection level of an upward wave C, which started from the May 21 low of $1,754.75.
This wave has completed, as its five component waves have all unfolded.
A break below the support will open the way towards the 100 percent projection level at $1,986, while a break above $2,074, the 138.2 percent level, will make signals neutral.
The support is provided by 123.6 percent Fibonacci projection level of an upward wave C, which started from the May 21 low of $1,754.75.
This wave has completed, as its five component waves have all unfolded.
A break below the support will open the way towards the 100 percent projection level at $1,986, while a break above $2,074, the 138.2 percent level, will make signals neutral.
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