03 DECEMBER 2013Business Recorder
LME aluminium to test support at $1,732
Edited by : AL CIRCLE
1 min read
LME aluminium is expedited to test a support at $1,732 per tonne, a break below which will lead to a further loss to $1,619.
The support is provided by the 100 percent Fibonacci projection level of a downward wave C, blocking the way towards the 123.6 percent projection level at $1,691, the 123.6 percent projection level.
Given that there has not been any decent rebound against this wave, chances are, a bounce may be triggered at around $1,732. But a drop to $1,725 will signal a break below this support.
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 support is provided by the 100 percent Fibonacci projection level of a downward wave C, blocking the way towards the 123.6 percent projection level at $1,691, the 123.6 percent projection level.
Given that there has not been any decent rebound against this wave, chances are, a bounce may be triggered at around $1,732. But a drop to $1,725 will signal a break below this support.
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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