LME aluminium neutral in $2,130-$2,203 range

SINGAPORE: LME aluminium is neutral in a range of $2,130-$2,203 per tonne, and an escape is needed to evaluate its target.

The range was formed by the Oct. 3 low and the 23.6 percent Fibonacci retracement on the fall from $2,438 to $2,130, a rise above which will open the way to 2,248, the 38.2 percent level.

Only a drop below $2,130 could confirm the resumption of a preceding downtrend, towards a wave (5) target at $2,040.

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