LME aluminium may drop into $2,766-$2,793 range this week

SINGAPORE: LME aluminium may drop into a range of $2,766 to $2,793 per tonne this week, following several failures to break a resistance at $2,853.

The failures suggest the formation of a temporary top around $2,853. A decent correction is due. Based on the consolidation range of $2,820 to $2,853, the metal may drop to $2,766.

A break above $2,853 could lead to a gain into the $2,873 to $2,906 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.