LME aluminium to fall to $1,710

Reuters SINGAPORE | Updated on June 17, 2019

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.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on June 17, 2019
This article is closed for comments.
Please Email the Editor