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SINGAPORE: A bearish target at $2,130 per tonne has been established for LME aluminum as it has resumed a long-term downtrend.
A preceding wave (4) rebound that started at the Oct. 3 low of $2,130 has completed, briefly piecing above $2,248, the 38.2 percent level, but narrowly missing the 50 percent level at $2,284.
A moderate fall on Tuesday may only be able to reach $2,160, a level around the middle point between $2,130 and $2,200.
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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