Friday, 28 August 2015 10:50
,590″ alt=”LME aluminium to edge up 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 edge up to $ 1,590 per tonne, to complete a rebound from the Aug. 24 low of $ 1,506.
The rebound consists of three waves, with the current wave c likely to travel a similar distance as the first wave labelled a, to arrive at $ 1,590, the 123.6 percent Fibonacci projection level of a bigger wave C, which developed from the July 15 high of 1,729.50.
A break below $ 1,547, the 161.8 percent level, could signal a completion of the rebound, and the 176.4 percent level at $ 1,530 will be tested then.
