LME aluminium neutral in $1,934-$1,964 range

SINGAPORE: LME aluminium looks neutral in a range of $1,934-$1,964, and an escape could suggest a direction.

The range is formed by 50 percent and the 38.2 projection levels of a wave C from $2,059. A break above $1,950.50 could open the way towards $2,000.

The metal has been consolidating around $1,934 for more than a week, reluctant to fall through this level. This behaviour makes a further bounce likely.

However, wave pattern sends a conflicting signal. The wave C looks incomplete. It may eventually travel into a zone of $1,809.50-$1,868. Signals will become clearer when the metal leaves the range.

The analysis is based on delayed data, prediction may be affected.