LME aluminium may test support at $1,905 this week

Shoaib Ur Rehman December 17, 2018

SINGAPORE: LME aluminium may test a support at $1,905 per tonne this week, a break below which could cause a loss to the next support at $1,868.

These supports are identified respectively as the 61.8 percent and 76.4 percent projection levels of a downward wave C from $2,059.

This wave is capable of travelling into the range of $1,810-$1,905.

A weak support at $1,917, the Nov. 28 low, has temporarily stopped the wave C.

The bounce triggered by the support may end around $1,934, as pointed by a falling trendline.

A break above $1,934 may open the way towards $1,964.

The analysis will be published once a week on Monday.

Copyright Reuters, 2018
 

 

 

 

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