SINGAPORE: LME aluminium may break a support at $1,763 per tonne this week and fall into the range of $1,709-$1,739.
The support is identified as the 50% projection level of a presumed wave C from $1,866. This wave is expected to travel into the range of $1,660-$1,739. A falling trendline points at a target slightly below $1,739.
Resistance is at $1,787, a break above which could lead to a gain to $1,817.
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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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