SINGAPORE: LME aluminium could test a resistance at $2,626 a tonne this week, a break above could lead to a gain at $2,674.
The metal has pierced above a lower resistance at $2,581. It is likely to break this level and test $2,626. Wave pattern suggests the progress of a wave (5)-5, which is capable of travelling to $2,674.
Support is at $2,536, a break below could cause a fall into the range of $2,430 to $2,495.
The analysis is published once a week on Monday.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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