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SINGAPORE: LME aluminium is unlikely to breach a resistance at $2,248 per tonne, and will retrace to $2,183.
The resistance is the 38.2 percent Fibonacci retracement on a wave (3) fall from $2,438 to $2,130, and it may replace the wave "4" peak at $2,270 to serve as the ultimate high that the current wave (4) rebound could reach.
The upside will only extend to $2,270, if the metal breaks above $2,247.
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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