05062016Fri
Last update: Fri, 06 May 2016 06pm

Asia

Markets - Commodities - Asia

LME aluminium targets $1,687 SINGAPORE: LME aluminium may break a resistance at $1,669 per tonne and rise to the next resistance at $1,687, as suggested by its wave pattern and a Fibonacci projection analysis. These resistances are identified respectively as the 238.2 percent and the 261.8 percent Fibonacci projection levels of an upward wave 3, the third wave of a five-wave cycle from the March 24 low of $1,475.A wedge forming between April 22 and April 28 suggests this wave could extend to $1,687. A correction from the current level could be limited to $1,647, the 207 percent level.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

Shanghai copper may rise to 38,320 yuan SINGAPORE: Shanghai copper may break a resistance at 37,820 yuan per tonne and rise towards the next resistance at 38,320 yuan, as suggested by a Fibonacci projection analysis.The analysis is based on the uptrend from the April 12 low of 35,600 yuan to the April 25 high of 39,040 yuan. Even though it is not very clear if the gain from the April 28 low of 37,010 yuan is an extension of the uptrend, the ...

Markets - Commodities - Asia

Palm oil to stablise around 2,571 ringgit SINGAPORE: Palm oil may stabilise around a support at 2,571 ringgit per tonne, and then test a resistance at 2,594 ringgit, a break above which could lead to a gain into a range of 2,612-2,637 ringgit. The support is provided by the 100 percent Fibonacci projection level of a downward wave c, the third wave of a three-wave cycle from the March 29 high of 2,793 ringgit.This wave has not been disrupted by higher projection ...

Markets - Commodities - Asia

Spot gold signals mixed SINGAPORE: Signals are mixed for spot gold, as it failed to break a resistance at $1,250 per ounce. The resistance is established by the 14.6 percent Fibonacci retracement on the uptrend from the Dec. 31, 2015 low of $1,058 to the March 11 high of $1,282.51.The metal may continue to test this barrier until overcoming it and rising to the 7 percent at $1,267. However, it could also retrace to a support at $1,230, the ...

Markets - Commodities - Asia

LME aluminium biased to break support at $1,632 SINGAPORE: LME aluminium is biased to break a support at $1,632 per tonne and fall to the next support at $1,614, as suggested by its wave pattern and a Fibonacci projection analysis. These supports are identified respectively as the 186.4 percent and the 161.8 percent Fibonacci projection levels of an upward wave 3, the third wave of a five-wave cycle from the March 24 low of $1,475.The analysis also reveals a resistance at $1,669, the ...

Markets - Commodities - Asia

Shanghai copper may retest support at 37,020 yuan SINGAPORE: Shanghai copper may retest a support at 37,020 yuan per tonne, with a good chance of breaking below this level and falling more to the next support at 36,800 yuan.The metal could be riding on a wave C, the third wave of a three-wave cycle from the March 7 high of 39,400 yuan. This wave consists of three small waves, with the third wave labelled c unfolding towards 36,440 yuan, its 100 percent Fibonacci ...

Markets - Commodities - Asia

Palm oil may drop to 2,571 ringgit SINGAPORE: Palm oil may drop to 2,571 ringgit per tonne, as suggested by its wave pattern and a Fibonacci projection analysis. The successive falls from the April 21 high of 2,743 ringgit has confirmed the progress of a downward wave c, the third wave of a three-wave cycle from the March 29 high of 2,793 ringgit.This wave could travel to 2,571 ringgit, its 100 percent Fibonacci projection level. A temporary support is provided by the ...