Friday, 31 July 2015 15:18
,603 resumed” alt=”LME aluminium’s bearish target at ,603 resumed” width=”202″ height=”159″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/lme-aluminiums-bearish-target-at-1603-resumed.jpg”>SINGAPORE: A bearish target at $ 1,603 per tonne has been resumed for LME aluminium as it has broken support at $ 1,653 again.
Support was provided by the 86.4 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the Aug. 29, 2014 high of $ 2,119.50.
The next support will be at $ 1,603, the 100 percent level. A break above $ 1,653, now a resistance, could signal the formation of a temporary bottom around the July 24 low of $ 1,632.
