SINGAPORE: LME aluminium seems to have stabilized around a support at $3,214 per tonne, it may hover above this level or bounce towards $3,416.
The metal is riding on a wave c from $3,742, which is expected to either end around $3,214 or extend to $2,888, respectively its 61.8% and 100% projection levels.
The longer the metal hovers above $3,214, the more likely the wave c has ended. A break below $3,214 may open the way towards $3,090.
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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.