Monday, 07 September 2015 12:55
,686 temporarily aborted” alt=”LME aluminium’s target at ,686 temporarily aborted” width=”400″ height=”249″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/lme-aluminium-biased-to-break-support-at-1488.jpg”>SINGAPORE: A bullish target at $ 1,686 per tonne has been temporarily aborted for LME aluminium, due to a false break above the resistance at $ 1,617.
The resistance is 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. Only a rise to $ 1,638 could confirm a valid break, and the target at $ 1,686, the 38.2 percent will then be resumed.
Most likely, the metal will drop to $ 1,575, the 14.6 percent retracement, as it has not pulled back towards a trendline falling from $ 1,977.
The next resistance will be at $ 1,686, the 38.2 percent level.
