16 JULY 2014Business Recorder
LME aluminium to retrace to $1,898
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to drop to a support at $1,898 per tonne, as it failed to break a resistance at $1,961 again.
The resistance is provided by the 76.4 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836. The July 14 high of $1,954.50 is lower than the July 9 high of $1,959, indicating a reversal of the uptrend or at least an extended correction from $1,959.
The second leg of the correction could have started towards the 38.2 percent projection level at $1,898. A break above $1,961 will open the way towards $1,999, 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 June 12 low of $1,836. The July 14 high of $1,954.50 is lower than the July 9 high of $1,959, indicating a reversal of the uptrend or at least an extended correction from $1,959.
The second leg of the correction could have started towards the 38.2 percent projection level at $1,898. A break above $1,961 will open the way towards $1,999, 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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