LME aluminium could retrace to $2,967 this week

SINGAPORE: LME aluminium may retrace to a support at $2,967 a tonne, as it failed to break resistance at $3,102.

The failure could be due to the completion of a wave 3, the third wave of a bigger wave (5).

This wave 3 is expected to be moderately reversed by a downward wave 4, which is likely to end in 2,924-$2,967 range.

The uptrend would keep steady and is expected to resume towards $3,225.50 on completion of the wave 4.

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A break below $2,967 could cause a fall to $2,808.

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