02 JUNE 2014Business Recorder
LME aluminium to test support at $1,823
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to test support at $1,823 per tonne, a break below which will lead to a further loss to $1,810. The deep fall from the May 30 high of $1,860 has confirmed a reversal of the uptrend from the May 21 low of $1,754.75.
A wave pattern suggests the trend has been driven by wave c, which peaked below resistance at $1,865, its 200 percent Fibonacci projection level. The 123.6 percent level at $1,823 will provide a temporary support, which may be broken very soon. Resistance is at $1,844, a break above which trigger a moderate gain to $1,860.
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.
A wave pattern suggests the trend has been driven by wave c, which peaked below resistance at $1,865, its 200 percent Fibonacci projection level. The 123.6 percent level at $1,823 will provide a temporary support, which may be broken very soon. Resistance is at $1,844, a break above which trigger a moderate gain to $1,860.
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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