11 SEPTEMBER 2013Business Recorder
LME aluminium to revisit low of $1,785.25
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to revisit its Sept. 5 low of $1,785.25 per tonne, as it has resumed its preceding medium-term downtrend.
The trend started from the Aug. 19 high of $1,949 and has been driven by five waves. The rebound from $1,785.25 is labelled as a wave 4, which is expected to be totally reversed by the current wave 5.
The drop on Monday has confirmed the progress of the wave 5, which followed the completion of the wave 4 below resistance at $1,837, the 38.2 percent Fibonacci retracement on the fall from the Aug. 22 high of $1,920 and ending at the Sept. 4 low of $1,785.
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 trend started from the Aug. 19 high of $1,949 and has been driven by five waves. The rebound from $1,785.25 is labelled as a wave 4, which is expected to be totally reversed by the current wave 5.
The drop on Monday has confirmed the progress of the wave 5, which followed the completion of the wave 4 below resistance at $1,837, the 38.2 percent Fibonacci retracement on the fall from the Aug. 22 high of $1,920 and ending at the Sept. 4 low of $1,785.
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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