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.
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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