STEELGURU
LME aluminum to consolidate in USD 2203 range
Edited by : AL CIRCLE
1 min read
LME aluminum is expected to consolidate in a range of USD 2,130 per tonne to USD 2,203 per tonne for one trading session as it is riding on a wave (4).
A Fibonacci retracement on the wave (3) fall from USD 2,438 to USD 2,130 reveals a target for a weak wave (4) at USD 2,203, the 23.6% level while a strong wave (4) will be able to travel to USD 2,248, the 38.2% level should a minor resistance at USD 2,215 is broken.
A fall below the range will confirm the progress of a downward wave (5) towards USD 2,040.
A Fibonacci retracement on the wave (3) fall from USD 2,438 to USD 2,130 reveals a target for a weak wave (4) at USD 2,203, the 23.6% level while a strong wave (4) will be able to travel to USD 2,248, the 38.2% level should a minor resistance at USD 2,215 is broken.
A fall below the range will confirm the progress of a downward wave (5) towards USD 2,040.
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