LME aluminium may rebound to $1,737

LME aluminium may rebound to a resistance at $1,737 per tonne, as it failed to break a support at $1,721.

The support was established at the 61.8 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the March 6 high of $1,802, it seems to have triggered a rebound towards the 50 percent retracement at $1,737.

A break above $1,737 will be less likely, as the resistance around this level has been strengthened by another one provided by the trendline rising from $1,671.25. The views expressed are his own.

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