07 JULY 2014Business Recorder
LME aluminium to retrace to $1,898
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retrace to $1,898, as it has failed to break a resistance at $1,931 per tonne.
The resistance is provided by the 76.4 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75.
It has joined hands with another similar trendline resistance to cause a correction towards the 61.8 percent retracement at $1,898.
A break above $1,931 will confirm the extension of the wave C towards $1,986, the 100 percent projection level.
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 is provided by the 76.4 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75.
It has joined hands with another similar trendline resistance to cause a correction towards the 61.8 percent retracement at $1,898.
A break above $1,931 will confirm the extension of the wave C towards $1,986, the 100 percent projection level.
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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