14 APRIL 2014Business Recorder
LME aluminium to test support at $1,856
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to test a support at $1,856 per tonne, a break below which will lead to a further loss to $1,827.
The support has been formed around the 23.6 percent Fibonacci retracement on the rise from the March 21 low of $1,705.50 to the April 11 high of $1,902.50.
It will temporarily block the way towards the 38.2 percent retracement at $1,827.
A rebound might be triggered when aluminium arrives at $1,856 as the rise from $1,705.50 was so sharp that bulls may not be ready to give up yet.
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 has been formed around the 23.6 percent Fibonacci retracement on the rise from the March 21 low of $1,705.50 to the April 11 high of $1,902.50.
It will temporarily block the way towards the 38.2 percent retracement at $1,827.
A rebound might be triggered when aluminium arrives at $1,856 as the rise from $1,705.50 was so sharp that bulls may not be ready to give up yet.
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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