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Aluminium targets $2,244/T

SINGAPORE : A bullish target at $2,244 has been established for LME aluminum as it has risen above a range of $2,096.25-
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By Shoaib Ur Rehman
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aluminiumSINGAPORE: A bullish target at $2,244 has been established for LME aluminum as it has risen above a range of $2,096.25-$2,170 per tonne.

The projection of the target is based on the price difference between the high and the low of the range.

The wave pattern on the hourly chart also indicates the metal is riding on an upward wave "C", which could push the price above the peak of the wave "A" at $2,295.

Support is at $2,165, a fall below which will neutralize the signals.

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.

 

Copyright Reuters, 2011

 

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