Markets
LME aluminium to drop to $2,326/T
SINGAPORE : A bearish target has been established at $2,326 per tonne for LME aluminium as indicated by its wave pattern
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The metal is riding on a fierce downward wave "C", unfolding towards $2,326, the 50 percent Fibonacci projection level, based on the length of the preceding wave "A" which fell from $2,476 to $2,333.
A chance is very remote for the contract to revisit $2,403.75, the presumed wave "B" peak.
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Copyright Reuters, 2011