22 SEPTEMBER 2015Business Recorder
LME aluminium to test support at $1,612
Edited by : AL CIRCLE
1 min read
Aluminium on London Metal Exchange (LME) is expected to test a support at $1,612 per tonne, a break below which could cause a fall to $1,590.
The support is provided by the 14.6 percent Fibonacci projection level of an upward wave c, the third wave of a presumed three-wave cycle that developed from the Aug. 24 low of $1,506.
This wave failed to extend above a resistance at $1,647, the 38.2 percent level, signalling it may have completed its first leg. The current second leg could extend to $1,590.
Resistance is at $1,625, the 23.6 percent level, a break above which could open the way towards $1,647.
The support is provided by the 14.6 percent Fibonacci projection level of an upward wave c, the third wave of a presumed three-wave cycle that developed from the Aug. 24 low of $1,506.
This wave failed to extend above a resistance at $1,647, the 38.2 percent level, signalling it may have completed its first leg. The current second leg could extend to $1,590.
Resistance is at $1,625, the 23.6 percent level, a break above which could open the way towards $1,647.
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