Markets
LME aluminium to zigzag up
SINGAPORE : LME aluminium is expected to zigzag up within a rising channel until it breaks above the upper channel, and
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A high-low bottom has formed around $2,370, and the neckline of the pattern is at $2,410. Strategically, a rise above $2,420 will open the way to $2,460, as pointed by the upper channel line of the upper channel.
Before the metal escapes from the lower channel, a chance is there for it to retrace to $2,390, as an accumulation of the strength to retest the upper channel line of the lower channel.
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Copyright Reuters, 2011