Business Recorder
LME aluminium to retest support at $2,071
Edited by : AL CIRCLE
1 min read
LME aluminium would retest a support at $2,071 per tonne, as a downtrend from $2,199 has resumed.
This trend will totally reverse a preceding uptrend that started at the Aug. 16 low of $1,827.25, as the uptrend has been driven by three waves. A three-wave mode is the typical wave pattern of a rebound.
A Fibonacci retracement analysis on the rise from $1,864 to $2,199 reveals the downtrend has been temporarily interrupted by a support at $2,071, the 38.2 percent level.
After a moderate wave b rebound, the trend has resumed and is riding on a downward wave c, which will easily travel below $2,071.
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.
This trend will totally reverse a preceding uptrend that started at the Aug. 16 low of $1,827.25, as the uptrend has been driven by three waves. A three-wave mode is the typical wave pattern of a rebound.
A Fibonacci retracement analysis on the rise from $1,864 to $2,199 reveals the downtrend has been temporarily interrupted by a support at $2,071, the 38.2 percent level.
After a moderate wave b rebound, the trend has resumed and is riding on a downward wave c, which will easily travel below $2,071.
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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