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LME aluminium may break a support at $1,785.50 per tonne this week and fall towards the next support at $1,710, as suggested by its wave pattern and a projection analysis.
The support is provided by the January 3 low. The metal is riding on a wave C from $1,951, which is expected to travel into a range of $1,470-$1,653. A realistic target would be $1,710.
Resistance is at $1,851, the 7 percent retracement of the downtrend from $2,718 to $1,785.50. A break above $1,851 could lead to a gain to $1,922.
(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.)
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