23 FEBRUARY 2016Business Recorder
LME aluminium to test resistance at $1,563
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to test resistance at $1,563 per tonne, with a good chance of breaking above this level and rising more to the next resistance at $1,581.
These resistances are identified respectively as the 86.4 percent and the 100 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the January 7 low of $1,451.50. This wave is capable of travelling to $1,581.
A triangle forming between December 24, 2015 and February 19 has been confirmed as a bullish pattern, suggesting an aggressive target at $1,610. A break below $1,549, now a support, could cause a loss to $1,537, a support provided by the upper trendline of the triangle.
These resistances are identified respectively as the 86.4 percent and the 100 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the January 7 low of $1,451.50. This wave is capable of travelling to $1,581.
A triangle forming between December 24, 2015 and February 19 has been confirmed as a bullish pattern, suggesting an aggressive target at $1,610. A break below $1,549, now a support, could cause a loss to $1,537, a support provided by the upper trendline of the triangle.
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