Friday, 06 November 2015 16:02
,515″ alt=”LME aluminium may break resistance at ,515″ 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 break resistance at $ 1,515 per tonne and rise towards the next resistance at $ 1,532, as it has found support at $ 1,488.
These two resistances and support are identified respectively as the 114.6 percent, the 100 percent and the 138.2 percent Fibonacci projection levels of a downtrend from the Oct. 9 high of $ 1,646.
The consolidation within the range of $ 1,488-$ 1,515 could be a continuation pattern, to be followed by a gain towards $ 1,548, the 86.4 percent level. A break below $ 1,488 could open the way towards the 161.8 percent level at $ 1,462.
