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PrintReuters reported that LME aluminium is expected to edge up to a resistance at USD 1,909 per tonne only a break above which could lead to a further gain to USD 1,920.
The resistance is provided by the 50% Fibonacci retracement on the fall from the March 25 high of USD 1,956 to USD 1,862.75. It seems the rebound from USD 1,862.75 has been shaped into a rising wedge which consists of 5 smaller waves labelled a, b, c, d and e. The wave e may end around USD 1,909 from which the preceding downtrend will resume.
The resistance is provided by the 50% Fibonacci retracement on the fall from the March 25 high of USD 1,956 to USD 1,862.75. It seems the rebound from USD 1,862.75 has been shaped into a rising wedge which consists of 5 smaller waves labelled a, b, c, d and e. The wave e may end around USD 1,909 from which the preceding downtrend will resume.
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