06 OCTOBER 2015Business Recorder
LME aluminium to test resistance at $1,581
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to test a resistance at $1,581 per tonne, with a good chance of breaking above this level and rising more towards the next resistance at $1,598.
These two resistances are identified respectively as the 50 percent and the 38.2 percent Fibonacci retracements on the rise from the August 24 low of $1,506 to the September 9 high of $1,655.50.
Wave pattern suggests that aluminium is riding on a wave c, the third wave of a three-wave cycle from $1,506. This wave could at least travel to $1,634, its 61.8 percent Fibonacci projection level. A more realistic target could be $1,598.
These two resistances are identified respectively as the 50 percent and the 38.2 percent Fibonacci retracements on the rise from the August 24 low of $1,506 to the September 9 high of $1,655.50.
Wave pattern suggests that aluminium is riding on a wave c, the third wave of a three-wave cycle from $1,506. This wave could at least travel to $1,634, its 61.8 percent Fibonacci projection level. A more realistic target could be $1,598.
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