22 AUGUST 2014Business Recorder
LME aluminium to rise more to $2,129
Edited by : AL CIRCLE
1 min read
LME aluminium may rise more to $2,129 per tonne, as indicated by a Fibonacci projection analysis.
The analysis reveals that the metal has briefly pieced above a resistance at $2,074, the 138.2 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75.
The next resistance will be at $2,129, the 161.8 percent projection level.
The wave C consists of five small waves.
The trendline passing the peaks of the first and the third waves points to a level similar to the target of $2,129. Strategically, this target will be confirmed when aluminium goes above its Aug. 20 high of $2,083.75.
The analysis reveals that the metal has briefly pieced above a resistance at $2,074, the 138.2 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75.
The next resistance will be at $2,129, the 161.8 percent projection level.
The wave C consists of five small waves.
The trendline passing the peaks of the first and the third waves points to a level similar to the target of $2,129. Strategically, this target will be confirmed when aluminium goes above its Aug. 20 high of $2,083.75.
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