LME aluminium may rise towards $2,808 this week

SINGAPORE: LME aluminium may break a resistance at $2,721 per tonne this week, and rise towards $2,808.

The metal is riding on a wave c, the third wave of a three-wave cycle from the Nov. 5 low of $2,510. This wave is expected to travel to $2,808. Its 100% projection level.

Aluminium hits three-week high on China supply worries

Support is at $2,668, a break below which could signal a completion of the bounce. A bearish target of $2,582 will be established then.