Friday, 13 November 2015 13:15
,488″ alt=”LME aluminium biased to break support at ,488″ 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 biased to break a support at $ 1,488 per tonne and fall further, as it approached this level again.
The support is provided by the 138.2 percent Fibonacci projection level of a downtrend from the Oct. 9 high of $ 1,646. It has caused a consolidation which could be ending.
A drop to $ 1,482 could confirm a break below $ 1,488, and the next support at $ 1,462, the 161.8 percent level, will be tested.
Resistance is at $ 1,532, only a break above which could lead to a gain into a narrow range of $ 1,548-$ 1,559, formed by the 86.4 percent and the 76.4 percent levels.
