SINGAPORE: LME aluminium may manage to stabilise around a support at $1,851 per tonne this week and bounce towards a resistance at $1,922.
The support is identified as the 7 percent retracement on a downtrend from $2,718 to $1,785.50. The metal started decent bounces in February and March after failing to break the support. It may bounce again.
A break below the support could cause a loss to $1,785.50.
* The analysis is published once a week on Monday.
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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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