SINGAPORE: LME aluminium is expected to retest a resistance at $1,832 per tonne this week, a break above which could lead to a gain into $1,847-$1,871 range.
The resistance is identified as the 23.6% projection level of a downward wave C from $1,871. This barrier caused a correction which seems to have ended around a support at $1,788.
In the meantime, the metal has climbed the 38.2% level at $1,808. It is highly likely to rise to $1,832. A break below $1,788 could signal the continuation of the wave C towards $1,705-$1,744 range.
* The analysis is published once a week on Monday.
** Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
*** 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. **
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