09 JULY 2014Business Recorder
LME aluminium to retrace to $1,898
Edited by : AL CIRCLE
1 min read
A bearish target at $1,898 per tonne remains unchanged for LME aluminium as the correction from the July 3 high of $1,938.50 has not completed.
The correction was triggered by resistance at $1,931, 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 been strengthened by a similar resistance that was established by a trendline ascending from the April 11 high of $1,902.50. For three days, aluminium has closed below $1,931.
This might not be an accumulation of the bullish momentum, instead, it looks more like a reversal of the uptrend. 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 correction was triggered by resistance at $1,931, 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 been strengthened by a similar resistance that was established by a trendline ascending from the April 11 high of $1,902.50. For three days, aluminium has closed below $1,931.
This might not be an accumulation of the bullish momentum, instead, it looks more like a reversal of the uptrend. 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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