LME aluminium to rebound to $1,947
By Shoaib-ur-Rehman Siddiqui
SINGAPORE, Wednesday, 31 October 2012: LME aluminium is poised to rebound more to $1,947, following the completion of a five-wave cycle.
The cycle developed from the Oct. 2 high of $2,140 and ended at $1,887, and a Fibonacci retracement analysis reveals an immediate target at $1,947, the 23.6 percent level.
The rebound may eventually reach $1,984, the 38.2 percent retracement.
Aluminium may rise to $1,947 directly or retrace mildly first before climbing towards this level again.
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.
Courtesy: Reuters