LME aluminium may seek support at $1,709 per tonne this week

• The support is identified as the 76.4pc projection level of a downward wave C from $1,866.
• There is a good chance that the metal may temporarily end its fall around $1,709 and then bounce towards $1,739.

The support is identified as the 76.4pc projection level of a downward wave C from $1,866.

It triggered an uptrend on Oct. 3, 2019, which extended to $1,836.

There is a good chance that the metal may temporarily end its fall around $1,709 and then bounce towards $1,739.

A break below $1,709 could confirm the extension of the fall into $1,660-$1,688 range.