LME aluminum could return $2065 per ton
08, 30 hearing, futures latest news: LME aluminum may return $2065 per ton, because the revised trend since the beginning of the high in August 24th has not ended.
On Wednesday, the London Metal Exchange (LME) could return to $2065 a tonne in August 25th, a revision that has not ended since the high of $2122.50 in August 24th.
The round Amendment contains three waves and has only completed two waves so far. The third wave C wave is moving towards $2065. From the daily chart, the price of aluminum failed to break through key resistance at $2119, from a high of $2803 in May 3, 2011 November 20, 2015 fell to a low of $1435 in the 50% Fibonacci retracement.
Upside down, the resistance has failed, has triggered a wave of correction to $1958. The resistance at $2103, if broke the position is likely to rise to $2125, which was started in July 12th low of $1881.50 increase in C wave of the 261.8% Fibonacci level prediction.