Tuesday, 08 September 2015 11:32
,589″ alt=”LME aluminium to test support at ,589″ 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 is expected to test a support at $ 1,589 per tonne, as indicated by its wave pattern and a Fibonacci retracement analysis.
A five-wave cycle from the Aug. 24 low of $ 1,506 has completed, causing the current drop, which may extend into a range of $ 1,558-$ 1,574, formed by the 61.8 percent and the 50 percent Fibonacci retracements on the cycle.
The immediate support is at $ 1,589, the 38.2 percent level, only a break below which could confirm the target range. Resistance is at $ 1,609, the 23.6 percent level, a break above which could lead to a limited gain to $ 1,621, the 14.6 percent level.
