Thursday, 27 August 2015 11:33
,504″ alt=”LME aluminium to fall towards ,504″ 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 is expected to fall towards a support at $ 1,504 per tonne, as it may have completed a bounce caused by this level.
The support is provided by the 200 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of $ 1,729.50. This wave has been travelling within a falling channel, and the lower channel suggests a target at $ 1,487, the 214.6 percent level.
A further gain from the current level may be limited to $ 1,560, the 150 percent level, around which, the upper channel line has established a resistance as well.
