Monday, 17 August 2015 14:14
,600″ alt=”LME aluminium to approach ,600″ 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 is expected to approach a resistance at $ 1,600, as it has stabilised around a support at $ 1,573 per tonne.
The bounce from the Aug. 12 low of $ 1,553.50 consists of three waves, so far, only two waves have unfolded. The current wave labeled c is capable of rising to $ 1,600, the 114.6 percent Fibonacci projection level of a bigger wave C from the July 15 high of 1,729.50.
A drop to $ 1,569 could signal a break below the support at $ 1,573, the 138.2 percent level, and the low at $ 1,553.50 will be targeted then.
