LME aluminium to zigzag up
SINGAPORE: LME aluminium is expected to zigzag up within a rising channel until it breaks above the upper channel, and surge towards $2,460 per tonne.
A high-low bottom has formed around $2,370, and the neckline of the pattern is at $2,410. Strategically, a rise above $2,420 will open the way to $2,460, as pointed by the upper channel line of the upper channel.
Before the metal escapes from the lower channel, a chance is there for it to retrace to $2,390, as an accumulation of the strength to retest the upper channel line of the lower channel.
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.
Copyright Reuters, 2011
Comments
Comments are closed for this article.