SINGAPORE: LME aluminium may break a resistance at $2,351 per tonne and rise into a range of $2,411 to $2,459 this week, due to the completion of a five-wave cycle.
The bounce from $2,254 can’t be simply classified as the second pullback towards a rising trendline. It bears the feature of a trend reversal.
China Jan-Feb aluminium imports rose 11.3% on year
A retracement analysis on the downtrend from $2,664 suggests a target zone of $2,411 to $2,459. Immediate support is at $2,314, a break below could be followed by a drop into $2,254-$2,283 range.
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