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LME aluminium may peak in $1,880-$1,898 zone

  • A projection analysis suggests an ultimate target of $1,898, the 186.4pc projection level of the uptrend from $1,562.
Published October 19, 2020 Updated October 19, 2020 04:53pm
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SINGAPORE: LME aluminium may peak in a resistance zone of $1,880-$1,898 per tonne this week, as suggested by its wave pattern and projection analysis.

The metal is riding on a wave (5), the final wave of the uptrend from the May 15 low of $1,460.

This wave is expected to be roughly equal to the first wave, the wave (1).

A projection analysis suggests an ultimate target of $1,898, the 186.4pc projection level of the uptrend from $1,562.

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