SINGAPORE: LME Aluminum is expected to retrace into a range of $2,161-$2,175 per tonne, as a rebound from the Oct. 20 low of $2,077.75 could have completed.
The rebound slowed after it approached a resistance at $2,230, the 38.2 percent Fibonacci retracement on the fall from $2,476 to $2,077.75, and the wave pattern indicates an "a-b-c" corrective wave cycle has completed.
A Fibonacci retracement on the wave "c" rise from $2,100 to $2,222 reveals a target range of $2,161-$2,175, the 50 percent and 38.2 percent Fibonacci retracements respectively.
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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