SINGAPORE: A bullish target at $2,244 per tonne has been aborted for LME aluminum and a bearish target has been established at $2,127, a low touched on Nov. 11.
The return of the price into a range of $2,096.25-$2,170 has signaled a false break above the high of the range, and the five-wave mode on the fall from $2,197 to $2,146 strongly indicates the rise from the Nov. 10 low of $2,097 will be totally reversed.
Strategically, a drop below $2,146 will confirm the target at $2,127, with the potential downside at $2,097.
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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