12 APRIL 2016www.brecorder.com
LME aluminium to test resistance at $1,539
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to test a resistance at $1,539 per tonne, a break above which could lead to a gain to the next resistance at $1,564.
The uptrend from the March 24 low of $1,475 has resumed, driven by a wave c. A Fibonacci retracement analysis on the rise from the November 23, 2015 low of $1,432.50 to the March 7 high of $1,605 reveals a target of this wave at $1,564, the 23.6 percent level. The immediate resistance is at $1,539, the 38.2 percent level.
Support is at $1,498, the 61.8 per cent level, a break below which could cause a loss to the 76.4 per cent level at $1,473.
The uptrend from the March 24 low of $1,475 has resumed, driven by a wave c. A Fibonacci retracement analysis on the rise from the November 23, 2015 low of $1,432.50 to the March 7 high of $1,605 reveals a target of this wave at $1,564, the 23.6 percent level. The immediate resistance is at $1,539, the 38.2 percent level.
Support is at $1,498, the 61.8 per cent level, a break below which could cause a loss to the 76.4 per cent level at $1,473.
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