Markets
LME aluminium bearish target $2,295/T unchanged
SINGAPORE : A bearish target at $2,295 per tonne is unchanged for LME aluminium as a downward wave "C" is unfolding.
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SINGAPORE: A bearish target at $2,295 per tonne is unchanged for LME aluminium as a downward wave "C" is unfolding.
This wave is expected to travel the same length as the wave "A", to eventually arrive at $2,261, a 100 percent Fibonacci projection level, while a realistic target for Wednesday is $2,295, the 76.4 percent level.
It will not be a surprise if the metal reaches $2,261 on Wednesday as the current bearish momentum is very strong.
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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