LME aluminium may rise to $2,172

SINGAPORE: LME aluminium may break a resistance at $2,161 per tonne, and rise more to the next resistance at $2,172, as suggested by its wave pattern and a Fibonacci projection analysis.

These resistances are provided respectively by the 50 percent and the 61.8 percent Fibonacci projection levels of an upward wave C from the Oct. 18 low of $2,114.50.

A break above $2,161 will not only lead to a gain to $2,172 but also confirm a bullish wedge, which suggests a target around $2,208.