Wednesday, 26 August 2015 10:54
,530″ alt=”LME aluminium to fall to ,530″ 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 have completed a bounce from the Aug. 24 low of $ 1,506 per tonne and is expected to fall to a support at $ 1,530.
The support is provided by the 176.4 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of 1,729.50. This wave may eventually travel to $ 1,460, the 238.2 percent level.
Resistance is at $ 1,560, the 150 percent level, a break above which could lead to a limited gain to $ 1,573, the 138.2 percent level. A fall below $ 1,530 could be extended to $ 1,519, the 186.4 percent level.
