Tuesday, 18 August 2015 10:57
,590″ alt=”LME aluminium may bounce 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 bounce to a resistance at $ 1,590, as it has found a support at $ 1,560 per tonne.
The support is provided by the 150 percent Fibonacci projection level of a big wave C from the July 15 high of 1,729.50. It caused a bounce on Aug. 12, which ended around $ 1,600, the 114.6 percent level.
The second bounce has been triggered, which could be weaker, to extend to $ 1,590, the 123.6 percent level.
A break below $ 1,560 will signal the continuation of the downtrend towards a range of $ 1,530-$ 1,547, formed by the 176.4 percent and the 161.8 percent levels.
