SINGAPORE: A rebound from the Sept. 26 low of $2,155 has not completed, and LME aluminium will gain more to $2,280 per tonne.
The metal failed to fall below $2,155 during the previous trading session, instead rebounding sharply after touching $2,184, signaling an "a-b-c" corrective cycle has extended, with the wave "c" progressing towards $2,280, as pointed to by an upper channel line of a rising channel.
Only a fall below pivotal support at $2,184 would confirm a preceding downtrend has resumed.
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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