Tuesday, 11 August 2015 15:15
,590″ alt=”LME aluminium may fall to ,590″ 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 fall to $ 1,590 per tonne, as indicated by a Fibonacci retracement analysis and a falling channel.
The analysis is on the fall from the July 29 high of $ 1,669 to the Aug. 6 low of $ 1,576. It reveals resistance at $ 1,623, the 50 percent level, which is strengthened by another similar one established by the upper channel line of the falling channel.
These two resistances have worked together to end the rebound from $ 1,576. Over the next few days, aluminium may revisit this low. A more realistic target could be $ 1,590, the 14.6 percent level.
