LME aluminium to fall to $2,256.75/T
SINGAPORE: LME aluminium will fall to $2,256.75 per tonne, as it has broken a support at $2,306.25.
The break has confirmed the completion of a five-wave cycle on the preceding rise from the Feb. 17 low of $2,150 to $2,356.
A further drop from the current level is highly anticipated because the bearish divergence on the hourly RSI indicator suggests the metal has become extremely vulnerable to the bears' attack.
The trough of the wave "4" at $2,256.75 will be the immediate target.
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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