Markets
LME aluminium to drop to $2,326/T
SINGAPORE : A bearish target has been established at $2,326 per tonne for LME aluminium as indicated by its wave pattern
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SINGAPORE: A bearish target has been established at $2,326 per tonne for LME aluminium as indicated by its wave pattern and a Fibonacci projection analysis.
The metal is riding on a fierce downward wave "C", unfolding towards $2,326, the 50 percent Fibonacci projection level, based on the length of the preceding wave "A" which fell from $2,476 to $2,333.
A chance is very remote for the contract to revisit $2,403.75, the presumed wave "B" peak.
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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