SINGAPORE: LME aluminium may test a resistance at $4,208 per tonne this week, a break above which could lead to a gain to $4,511.
The metal is riding on an extended wave 5, which shows no sign of peaking yet.
It is generally very difficult the figure out the top of an extended wave five. However, the wave 5 is a part of a bigger wave C from $1,455.
A projection analysis suggests a target zone of $4,511-$4,814, formed by the 238.2% and 261.8% projection levels of the wave C.
Another projection analysis on the uptrend from $1,725 reveals weaker resistances and supports.
A correction from the current level may be limited to $3,847.
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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