SINGAPORE: LME aluminum will fall more to $2,010 per tonne, as it has completed a rebound from the December 2011 low of $1,955.75.
The metal is expected to fall within a small descending channel towards an immediate target at $2,010, as pointed by the lower channel line.
An aggressive target will be $1,980.50, the presumed wave (b) bottom.
Resistance is at $2,070, a rise above which will open the way towards $2,107, the 161.8 percent Fibonacci projection level of an upward wave (c).
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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