SINGAPORE: LME aluminium may rise to $1,641 per tonne, as it has broken a resistance at $1,585.
The resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the Nov. 6, 2014 high of $2,078.75 to the Nov. 23, 2015 low of $1,432.50. The next resistance will be at $1,641, the 38.2 percent Fibonacci retracement on the fall from the May 6, 2015 high of $1,977 to $1,432.50.
A drop to $1,575 could signal the break above $1,585 was false, and the support at $1,561, a 23.6 percent retracement, will be tested.
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