LME aluminium to test support at $1,856

LME aluminium is expected to test a support at $1,856 per tonne, a break below which will lead to a further loss to $1,827.

The support has been formed around the 23.6 percent Fibonacci retracement on the rise from the March 21 low of $1,705.50 to the April 11 high of $1,902.50.

It will temporarily block the way towards the 38.2 percent retracement at $1,827.

A rebound might be triggered when aluminium arrives at $1,856 as the rise from $1,705.50 was so sharp that bulls may not be ready to give up yet.

The views expressed are his own.

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