Markets

LME aluminium to retrace into $2,161-$2,175 range

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The rebound slowed after it approached a resistance at $2,230, the 38.2 percent Fibonacci retracement on the fall from $2,476 to $2,077.75, and the wave pattern indicates an "a-b-c" corrective wave cycle has completed.

A Fibonacci retracement on the wave "c" rise from $2,100 to $2,222 reveals a target range of $2,161-$2,175, the 50 percent and 38.2 percent Fibonacci retracements respectively.

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Copyright Reuters, 2011