Tuesday, 25 August 2015 11:03
,547″ alt=”LME aluminium may end bounce around ,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 end its current bounce around a resistance at $ 1,547 per tonne, as suggested by a Fibonacci projection analysis.
The resistance 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. This wave does not seem to have completed, as it may eventually travel to $ 1,460, the 238.2 percent level.
A break above $ 1,547 could lead to a limited gain to $ 1,560, the 150 percent level, while a drop below $ 1,530, the 176.4 percent level, could signal the completion of the bounce.
