Business Recorder
LME aluminium to retrace into $2,161-$2,175 range
Edited by : AL CIRCLE
1 min read
LME Aluminum is expected to retrace into a range of $2,161-$2,175 per tonne, as a rebound from the Oct. 20 low of $2,077.75 could have completed.
The rebound slowed after it approached a resistance at $2,230, the 38.2 percent Fibonacci retracement on the fall from $2,476 to $2,077.75, and the wave pattern indicates an "a-b-c" corrective wave cycle has completed.
A Fibonacci retracement on the wave "c" rise from $2,100 to $2,222 reveals a target range of $2,161-$2,175, the 50 percent and 38.2 percent Fibonacci retracements respectively.
The rebound slowed after it approached a resistance at $2,230, the 38.2 percent Fibonacci retracement on the fall from $2,476 to $2,077.75, and the wave pattern indicates an "a-b-c" corrective wave cycle has completed.
A Fibonacci retracement on the wave "c" rise from $2,100 to $2,222 reveals a target range of $2,161-$2,175, the 50 percent and 38.2 percent Fibonacci retracements respectively.
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