13 OCTOBER 2014Business Recorder
LME aluminium to rise towards $1,975
Edited by : AL CIRCLE
1 min read
LME aluminium may break a resistance at $1,940 per tonne and rise more towards $1,975, as indicated by its wave pattern and a Fibonacci retracement analysis.
The rebound from the Oct. 2 low of $1,885 has not completed, as it will consist of three waves. So far only two have unfolded.
The third wave labelled c is expected to approach a resistance at $1,975, the 38.2 percent Fibonacci retracement on the fall from the Aug. 29 high of $2,119.50 to $1,885.
Strategically, the target at $1,975 will be confirmed when aluminium breaks a weak resistance at $1,904, the 23.6 percent level. Support is at $1,919, the 14.6 percent level, a break below which will trigger a further loss to $1,885.
The rebound from the Oct. 2 low of $1,885 has not completed, as it will consist of three waves. So far only two have unfolded.
The third wave labelled c is expected to approach a resistance at $1,975, the 38.2 percent Fibonacci retracement on the fall from the Aug. 29 high of $2,119.50 to $1,885.
Strategically, the target at $1,975 will be confirmed when aluminium breaks a weak resistance at $1,904, the 23.6 percent level. Support is at $1,919, the 14.6 percent level, a break below which will trigger a further loss to $1,885.
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