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LME aluminium neutral in $2,323-$2,372 range
SINGAPORE : LME aluminium is neutral in a range of $2,323-$2,372 per tonne and only an escape from this could trigger a
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The fall from the July 27 high of $2,675.25 to the Aug 19 low of $2,323 is still considered having completed a five-wave cycle, and the current rebound is expected to push the metal to $2,406, the 23.6 percent Fibonacci retracement.
However, once a pivotal support at $2,323.50 is broken below, another five-wave cycle will develop, confirming the establishment of a long-term downtrend.
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Copyright Reuters, 2011