SINGAPORE: LME aluminium is expected to test a support at $2,236 a tonne this week, a break below could trigger a fall into $2,073-$2,150 range.

The bounce from the Sept. 28 low of $2,080.50 has ended around a resistance at $2,461.

Three waves make up the bounce.

The bottom of the wave b around $2,150 becomes a target.

China’s October aluminium output climbs 9.5% on relaxed power curbs

A climb above the resistance at $2,360 will complicate the picture.

Signals will turn neutral if the metal remains in the range of $2,360 to $2,161. A break above $2,461, which looks unlikely, may lead to a gain into $2,562-$2,686 range.

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