LME aluminium may bounce moderately to $1,763 this week

• The metal has found support at $1,739, the 61.8pc projection level of a downward wave C from $1,866.
• A break above $1,763 could lead to a gain into the range of $1,787-$1,817 while a fall below the Nov.

SINGAPORE: LME aluminium may bounce moderately to resistance at $1,763 per tonne this week, before seeking its next direction.

The metal has found support at $1,739, the 61.8pc projection level of a downward wave C from $1,866.

This wave may eventually travel to $1,660. It has a complex structure, consisting of three smaller waves. The third wave labeled c is developing.

A break above $1,763 could lead to a gain into the range of $1,787-$1,817 while a fall below the Nov. 19 low of $1,728 could confirm the continuation of the wave C towards $1,660.

The analysis is published once a week on Monday.