Commodities

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.

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Published on June 17, 2019
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