SINGAPORE: LME aluminium may approach a resistance at $2,000 again, as it is trying to stabilize around a support at $1,968 per tonne.
The support is provided by the 14.6 percent retracement of the downtrend from $2,267 to $1,917. The metal failed twice to break this support which seems to be quite strong. Chances are aluminium may resume its bounce towards $2,000.
A fall below $1,963 may confirm a break below $1,963, and a target at $1,942 will be established accordingly.
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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. **
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