SINGAPORE: LME aluminium may bounce more to $2,042 per tonne, as it seems to have stabilized around a support at $2,000.
The support is provided by the Dec. 13, 2017 low. The false break below this barrier indicates the metal may either hover around this level or bounce more.
Wave pattern suggests that the downtrend is driven by a wave C from $2,270. A projection analysis on the target of this wave reveals a resistance at $2,021, the 176.4 percent level, which temporarily blocks the way towards $2,042.
A former target range of $1,955-$1,967 has been temporarily aborted, and will only be resumed when aluminium breaks below $1,988.
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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