Markets
LME aluminium bearish target $2,295/T unchanged
SINGAPORE : A bearish target at $2,295 per tonne is unchanged for LME aluminium as a downward wave "C" is unfolding.
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This wave is expected to travel the same length as the wave "A", to eventually arrive at $2,261, a 100 percent Fibonacci projection level, while a realistic target for Wednesday is $2,295, the 76.4 percent level.
It will not be a surprise if the metal reaches $2,261 on Wednesday as the current bearish momentum is very strong.
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Copyright Reuters, 2011