LME aluminium to clear resistance of $2,248/T

SINGAPORE: LME aluminium will retest a resistance at $2,248 per tonne, and head towards $2,284 thereafter.

The first BID to clear this 38.2 percent Fibonacci retracement on the fall from $2,438 to $2,130 has failed, and chances are good for the second attempt to succeed.

The 50 percent retracement at $2,284 will be immediately available once the metal stands firm above $2,248.

Support is at $2,203, a fall below which will extend to $2,174.

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