LME aluminium biased to retest $2,360 this week

SINGAPORE: LME aluminium is biased to retest a resistance at $2,360 a tonne this week, a break above which could lead to a gain to $2,461.

The metal climbed above a triangle, which looks like a bullish pattern, suggesting a target of $2,562.

Strategically, this target will be confirmed when aluminium breaks the resistance at $2,361.

This barrier triggered a correction which is tentatively classified as a pullback towards the triangle.

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A break below $2,236 could open the way towards $2,073-$2,150 range.