SINGAPORE: LME aluminium may break a resistance at $2,292 per tonne this week, and rise towards $2,327.
The metal has cleared a resistance at $2,257. It is heading towards the next resistance at $2,292, the 338.2% projection level on an uptrend from $1,793.
Experience indicates that a trend seldom ends around the 338.2% level. Most likely, it would extend to the 361.8% level. In the case of aluminium, this level is $2,327.
A break below $2,257 could be followed by a drop into $2,201-$2,236 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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