SINGAPORE: LME aluminium is expected to fall more to $1,783 per tonne, as it has pierced below a support at $1,798.
The support is provided by the 61.8 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to $1,863, and the next support will be at $1,783, the 76.4 percent retracement.
A rebound seems to have been triggered towards $1,811, the 50 percent retracement, which is expected to serve as a limit.
A drop below $1,794 will confirm the resumption of the current downtrend towards $1,783.
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.
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