09 SEPTEMBER 2015Business Recorder
LME aluminium to test support at $1,589
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to test a support at $1,589 per tonne, as indicated by its wave pattern and a Fibonacci retracement analysis.
A five-wave cycle from the Aug. 24 low of $1,506 has completed, causing the current drop, which may extend into a range of $1,558-$1,574, formed by the 61.8 percent and the 50 percent Fibonacci retracements on the cycle.
The immediate support is at $1,589, the 38.2 percent level, only a break below which could confirm the target range. Resistance is at $1,609, the 23.6 percent level, a break above which could lead to a limited gain to $1,621, the 14.6 percent level.
A five-wave cycle from the Aug. 24 low of $1,506 has completed, causing the current drop, which may extend into a range of $1,558-$1,574, formed by the 61.8 percent and the 50 percent Fibonacci retracements on the cycle.
The immediate support is at $1,589, the 38.2 percent level, only a break below which could confirm the target range. Resistance is at $1,609, the 23.6 percent level, a break above which could lead to a limited gain to $1,621, the 14.6 percent level.
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