12 AUGUST 2013Business Recorder
LME aluminium to retreat to $1,853
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to retrace to $1,853 per tonne, as it failed to break a resistance at $1,878.
The resistance is provided by the 100 percent Fibonacci projection level of an upward wave c, which looks exhausted, as it could have unfolded too fast.
Strengthening this resistance is another one that has been established by a trendline ascending from the July 2 high of $1,852. Chances are the wave c may peak around $1,878 or could have peaked at the $1,877, the Aug. 9 high.
The 76.4 percent projection level at $1,853 will provide a support, a break below which will result in a further loss to $1,838, the 61.8 percent projection level.
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 100 percent Fibonacci projection level of an upward wave c, which looks exhausted, as it could have unfolded too fast.
Strengthening this resistance is another one that has been established by a trendline ascending from the July 2 high of $1,852. Chances are the wave c may peak around $1,878 or could have peaked at the $1,877, the Aug. 9 high.
The 76.4 percent projection level at $1,853 will provide a support, a break below which will result in a further loss to $1,838, the 61.8 percent projection level.
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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