SINGAPORE: LME aluminium may bounce to $1,837 this week, as it failed to break a key support at $1,767 per tonne.
The support is provided by the 38.2pc projection level of a downward wave C from $1,951.
The metal may bounce to $1,837 or at least hover above the support for a few days.
A fall below the May 23 low of $1,765.50 could confirm a break below $1,767 and a bearish target at $1,710 will be established then.
The analysis is published once a week on Monday.
Charts are not available in reports received in email box through "Alert".
To get charts, use the news code of TECH/C to retrieve the original reports.
Wang Tao is a Reuters market analyst for commodities and energy technicals.
The views expressed are his own.
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.
Comments
Comments are closed for this article.