22 JANUARY 2014Business Recorder
LME aluminium to revisit high of $1,825.25
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to revisit its Jan. 17 high of $1,825.25 per tonne, as it has completed a correction from this level.
The correction could be considered as a pullback towards the neckline of an inverted head-and-shoulders that formed between Jan. 6 and Jan. 15.
The quick recovery of the price from the Tuesday low of $1,781 indicates a completion of the correction. Further indication of the completion is a long-shadowed hammer which appeared on the daily candlestick chart on Tuesday.
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 could be considered as a pullback towards the neckline of an inverted head-and-shoulders that formed between Jan. 6 and Jan. 15.
The quick recovery of the price from the Tuesday low of $1,781 indicates a completion of the correction. Further indication of the completion is a long-shadowed hammer which appeared on the daily candlestick chart on Tuesday.
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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