Friday, 04 September 2015 11:26
,686″ alt=”LME aluminium may rise to ,686″ 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 $ 1,686 per tonne, as it has broken resistance at $ 1,617.
Resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the May 6 high of $ 1,977 to the Aug. 24 low of $ 1,506. The next resistance will be at $ 1,686, the 38.2 percent level.
The metal had been falling within a channel before Aug. 24, the upper channel line of a duplicated channel indicates a target at $ 1,686 as well.
A sudden drop below $ 1,617, now a support, could signal the break above this level was false, the 14.6 percent level at $ 1,575 could be approached.
