Wednesday, 05 August 2015 13:06
,603″ alt=”LME aluminium to hover above ,603″ width=”400″ height=”249″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/lme-aluminium-biased-to-break-support-at-1488.jpg”>SINGAPORE: LME aluminium has found a support at $ 1,603 per tonne, and may hover above this level or rebound to $ 1,653.
The support is provided by the 100 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the Sept. 2, 2014 high of $ 2,119.
This wave may end either around this support or extend into a much lower range of $ 1,371-$ 1,459, formed by the 161.8 percent and the 138.2 percent levels. Regardless of a possible extension of this wave, aluminium may first bounce towards $ 1,653, the 86.4 percent level.
