Thursday, 20 August 2015 10:35
,547″ alt=”LME aluminium may test support at ,547″ 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 test a support at $ 1,547 per tonne, as suggested by a Fibonacci projection analysis and a falling channel.
The support is provided by the 161.8 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of 1,729.50. From Aug. 13, this wave has been travelling in a small channel, the upper channel line of which provides a resistance around $ 1,560, the 150 percent level.
The lower channel suggests a target at $ 1,530, the 176.4 percent level, which will be confirmed when the metal breaks $ 1,547.
