SINGAPORE: LME aluminium may test a resistance at $2,032 per tonne this week, a break above which could lead to a gain to $2,053.
The drop from the Dec. 17 high of $2,096 may have completed at the Jan. 19 low of $1,945.
It was driven by a wave 4, which is expected to be reversed by the current wave 5.
Support is at $2,014, a break below which could cause a fall into $1,975-$1,997 range.
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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