Thursday, 10 September 2015 12:32
,611-,618 zone” alt=”LME aluminium may seek support in ,611-,618 zone” 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 seek a support in a zone of $ 1,611-$ 1,618 per tonne, before rising again.
The zone has been formed by the 150 percent and the 161.8 percent Fibonacci projection levels of an uptrend from the Aug. 26 low of $ 1,525.50, based on the rise from the Aug. 24 low of $ 1,506 to the Aug. 25 high of $ 1,563.
A trendline from $ 1,525.50 will provide a support in the zone as well. The uptrend may extend to $ 1,686 eventually, as revealed by a Fibonacci retracement analysis on the fall from the May 6 high of $ 1,977 to of $ 1,506.
