SINGAPORE: LME aluminium may retrace to a support at $2,967 a tonne, as it failed to break resistance at $3,102.
The failure could be due to the completion of a wave 3, the third wave of a bigger wave (5).
This wave 3 is expected to be moderately reversed by a downward wave 4, which is likely to end in 2,924-$2,967 range.
The uptrend would keep steady and is expected to resume towards $3,225.50 on completion of the wave 4.
Aluminium bucks weaker trend on worries about Russia supply
A break below $2,967 could cause a fall to $2,808.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Comments
Comments are closed.