SINGAPORE: LME aluminum could fall further to $2,161 per tonne, as a short-term downtrend established from the Oct. 27 high of $2,295 is intact within a falling channel.
The lower channel line points to $2,161, the 61.8 percent Fibonacci retracement on the rise from $2,077.75 to $2,295.
A rise above a resistance at $2,233 will violate the bearish outlook.
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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