SINGAPORE: LME aluminium is expected to retest a support at $1,743 this week, with a good chance of breaking below this level and falling more towards $1,704.
The support is identified as the 76.4% projection level of a wave c from $1,871. The wave c is capable of travelling to $1,704. The bounce triggered by the support seems to have ended around $1,807.
Resistance is at $1,788, a break above which could lead to a gain into the range of $1,807-$1,832.
* 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. **
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