SINGAPORE: LME aluminium may seek a support around $2,181 per tonne, and then retest a resistance at $2,223.
The support and the resistance are identified respectively as the 38.2 percent and the 61.8 percent retracements on the downtrend from $2,290.50 to $2,112.50.
The bounce from $2,112.50 consists of three waves.
The third wave labelled c is driving the metal towards $2,230, the 100 percent projection level.
A falling channel suggests a higher target around 2,249.
A break below $2,181 may cause a loss to $2,155.
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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