SINGAPORE: LME aluminium may retest a resistance at $1,852 per tonne this week, a break above which could lead to a gain to $1,965.
The resistance is identified as the 86.4% projection level of an upward wave c from $1,771.50. This wave is capable of travelling to $1,865.
The correction triggered by the resistance seems to have ended around a support at $1,807. The wave c could have resumed. A break below $1,807 could cause a fall into $1,771.50-$1,793 range.
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*** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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