LME aluminium may fall to $1,698 this week

• LME aluminium may fall to $1,698 per tonne this week.
• Resistance is at $1,748, a break above which may lead to a gain into the range of $1,764-$1,780.

SINGAPORE: LME aluminium may fall to $1,698 per tonne this week, as suggested by its wave pattern and a projection analysis.

The contract could be riding on a wave C, the third wave of a three-wave cycle developing from the July 19 high of $1,866. After traveling below $1,748, this wave has a better chance of extending to $1,698.

Resistance is at $1,748, a break above which may lead to a gain into the range of $1,764-$1,780.

* The analysis is published once a week on Monday.

** Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.

*** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.