LME aluminium may retest support at $1,492 this week

• A small wave 4 has just completed, which will be reversed by a downward wave 5.
• Resistance is at $1,532, a break above which could lead confirm both a double-bottom forming around $1,457 and a bullish target of $1,606.

SINGAPORE: LME aluminium may retest a support at $1,492 per tonne, a break below could cause a fall into $1,457-$1,477 range.

The support is provided by the 176.4pc projection level of a wave (3) from $1,755.

This wave consists of many smaller waves.

A small wave 4 has just completed, which will be reversed by a downward wave 5.

Resistance is at $1,532, a break above which could lead confirm both a double-bottom forming around $1,457 and a bullish target of $1,606.