LME aluminium to fall to $2,388/T
SINGAPORE: LME aluminium will fall to $2,388 per tonne as a medium-term downtrend that started at the July 27 high of $2,675.25 has resumed.
The downtrend has only been partially reversed by a rebound that started at the Aug 19 low of $2,323, and ended around $2,458, the 38.2 percent Fibonacci retracement on the fall from $2,675.25 to $2,323.
A Fibonacci projection of the current wave "c" indicates its next target will be $2,388, the 100 percent level, which is also indicated by the lower channel line of a falling channel.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Copyright Reuters, 2011
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