19 JULY 2013Business Recorder
LME aluminium to revisit low of $1,793
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to revisit its July 16 low of $1,793 per tonne, as a rebound from this level has completed.
The rebound has been triggered by support at $1,794, the 61.8 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to the July 12 high of $1,851.25.
After failing to break resistance at $1,829, the 23.6 percent retracement, aluminium has resumed its preceding downtrend, which could be broken down into five smaller waves.
Such a five-wave mode signals that a medium-term downtrend has established, which may eventually extend to $1,758.
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 rebound has been triggered by support at $1,794, the 61.8 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to the July 12 high of $1,851.25.
After failing to break resistance at $1,829, the 23.6 percent retracement, aluminium has resumed its preceding downtrend, which could be broken down into five smaller waves.
Such a five-wave mode signals that a medium-term downtrend has established, which may eventually extend to $1,758.
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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