25 JULY 2014Business Recorder
LME aluminium to revisit high of $2,054.75
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to revisit its July 22 high of $2,054.75 per tonne, as it could have completed a correction from this level.
The correction has been triggered by resistance at $2,062, the 138.2 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836. Bulls could have accumulated enough momentum to retest this resistance.
A further drop from the current level could be limited to support at $1,999, the 100 percent projection level.
The correction has been triggered by resistance at $2,062, the 138.2 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836. Bulls could have accumulated enough momentum to retest this resistance.
A further drop from the current level could be limited to support at $1,999, the 100 percent projection level.
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