05 MARCH 2014Business Recorder
LME aluminium to retrace into $1,743-$1,752 range
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retrace into a range of $1,743-$1,752 per tonne, as it failed to break a resistance at $1,771.
The resistance has been established at the 76.4 percent Fibonacci retracement on the fall from the Feb. 26 high of $1,788.50 to the March 3 low of $1,715. It has apparently caused a correction towards the range formed by the 38.2 percent and the 50 percent retracements.
It is hard to categorise the strong surge from $1,715, as this surge could be labelled either as a wave b or a wave C. A break above $1,771 will confirm the progress of the wave C towards $1,788.50.
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 resistance has been established at the 76.4 percent Fibonacci retracement on the fall from the Feb. 26 high of $1,788.50 to the March 3 low of $1,715. It has apparently caused a correction towards the range formed by the 38.2 percent and the 50 percent retracements.
It is hard to categorise the strong surge from $1,715, as this surge could be labelled either as a wave b or a wave C. A break above $1,771 will confirm the progress of the wave C towards $1,788.50.
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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