SINGAPORE: LME aluminium is expected to consolidate in a range of $2,130 to $2,203 per tonne for one trading session as it is riding on a wave (4).
A Fibonacci retracement on the wave (3) fall from $2,438 to $2,130 reveals a target for a weak wave (4) at $2,203, the 23.6 percent level, while a strong wave (4) will be able to travel to $2,248, the 38.2 percent level, should a minor resistance at $2,215 is broken.
A fall below the range will confirm the progress of a downward wave (5) towards $2,040.
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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