27 JANUARY 2014Business Recorder
LME aluminium to stay above $1,762
Edited by : AL CIRCLE
1 min read
LME aluminium may continue to hover above a support at $1,762 per tonne, with a good chance of rebounding to $1,779, as it seems to have completed a short downtrend from the Jan. 17 high of $1,825.25.
The trend failed to extend further after approaching a trendline that rose from the Dec. 2, 2013 low of $1,736.25.
Wave pattern suggests the completion of a five-wave cycle around $1,762, the 100 percent projection level of a wave c. A drop to $1,758 will indicate the extension of the downtrend towards $1,745, the 138.2 percent projection level.
The views expressed are his own.
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 failed to extend further after approaching a trendline that rose from the Dec. 2, 2013 low of $1,736.25.
Wave pattern suggests the completion of a five-wave cycle around $1,762, the 100 percent projection level of a wave c. A drop to $1,758 will indicate the extension of the downtrend towards $1,745, the 138.2 percent projection level.
The views expressed are his own.
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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