Wednesday, 12 August 2015 10:37
,547″ alt=”LME aluminium may fall to ,547″ 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 may break a support at $ 1,560 per tonne and fall more to the next support at $ 1,547, as indicated by its wave pattern and a Fibonacci projection analysis.
The metal is riding on a wave C, the third wave of a three-wave cycle that developed from the July 2 high of $ 1,744.50.
This wave may extend to $ 1,547, its 161.8 percent Fibonacci projection level. Such a possibility makes the support at $ 1,560, the 150 percent level, look very vulnerable.
The target at $ 1,547 will be confirmed when aluminium slides to $ 1,556. A bounce from the current level could be limited to $ 1,570.
