LME aluminium is expected to fall to $1,710 this week, as it has broken a key support at $1,767 per tonne.
The support is identified as the 38.2% projection level of a wave C from $1,951. The wave C is capable of travelling into $1,470-1653 range.
A flag suggests the target at $1,470 as well. The next support will be at $1,710, a break below which could open the way towards $1,653.
The target at $1,710 will be aborted, should the metal break above $1,767, which is now a resistance.
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.