SINGAPORE: LME aluminium still targets a range of $1,955-$1,967 per tonne, as it has cleared a support at $2,000.
The support was at the Dec. 13 low. Wave pattern suggests that the metal is riding on a wave C from $2,270, which has briefly travelled below its 200 percent projection level at $1,998.
Chances are this wave may extend into a zone of $1,901- $1,934. A more realistic target could be either $1,967 or $1,955. A break above $2,007 could lead to a gain into the range of $2,021-$2,042.
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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