SINGAPORE, Nov 20 (Reuters) - Signals are mixed for LME aluminium as it remains sideways around a support at $1,934.
The support is provided by the 50 percent projection level of a wave C from $2,059. The metal has been consolidating around this level for a few days.
The consolidation may indicate a prelude to a deep fall, rather than a strong rally, as the projection analysis still points a target at $1,905. Based on the consolidation range of $1,934-$1,964, the metal may drop to $1,905 as well.
A break above $1,950.50 could lead to a limited gain to $1,964.
The analysis is based on delayed data, prediction may be affected.
Use EIKON news "Alerts" to get reports sent to your email box automatically. For guidance, click http://tmsnrt.rs/29exTKN
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.
Comments
Comments are closed for this article.