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SINGAPORE: LME aluminium may temporarily peak in a narrow range of $3,262-$3,310 a tonne this week, as suggested by a rising trendline and a projection analysis.
The metal is riding on a wave (3), which is extending towards the target zone, as pointed by the rising trendline. Its surge from the Oct. 1 low of $2,825 has not been disrupted by any typical correction, which may be triggered by the resistance zone.
Support is t $3,131, a break below which could open the way towards the range of $2,975-$3,067.
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