LME aluminium targets a bullish rate of $1,986 per tonne

A bullish target at $1,986 per tonne has been established for LME aluminium, as it has broken above a resistance at $1,931. The resistance was provided by the 76.4 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75.

There might not be any other resistance until aluminium reaches $1,986, the 100 percent projection level. A drop to $1,916 will signal a false break above the resistance, and the target at $1,986 will be aborted.

A further drop below the July 7 low of $1,910.75 could indicate a reversal of the uptrend and the previous bearish target at $1,898, the 61.8 percent level, will be re-established.

The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. 

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