Friday, 21 August 2015 12:23
,590″ alt=”LME aluminium may rise to ,590″ 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 rise to $ 1,590 per tonne, as it has cleared a resistance at $ 1,573.
The resistance is provided by the 138.2 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of 1,729.50.
The next resistance will be at $ 1,590, the 123.6 percent level, a break above which will lead to a gain to the 114.6 percent level at $ 1,600.
Support is at $ 1,560, the 150 percent level, a break below which could cause a loss to the 161.8 percent level at $ 1,547.
