SINGAPORE: LME aluminium may break a support at $1,837 per tonne this week and fall into a range of $1,806-$1,820.
The support is identified as the 23.6% retracement of the uptrend from $1,745 to $1,866. The trend has reversed, as suggested by its three-wave mode and the deep fall from $1,866.
The second wave, labelled b, ended at $1,771.50, which may be revisited. Resistance is at $1,848, a break above which could lead to a gain limited to $1,858.
* The analysis is published once a week on Monday.
** Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
*** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. 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.