LME aluminium to rise more to USD 2,129 per tonne

Reuters reported that LME aluminium may rise more to USD 2,129 per tonne as indicated by a Fibonacci projection analysis.

The analysis reveals that the metal has briefly pieced above a resistance at USD 2,074, the 138.2% Fibonacci projection level of an upward wave C that developed from the May 21 low of USD 1,754.75.

The next resistance will be at USD 2,129, the 161.8% projection level. The wave C consists of five small waves. The trendline passing the peaks of the first and the third waves points to a level similar to the target of USD 2,129. Strategically, this target will be confirmed when aluminium goes above its Aug. 20 high of USD 2,083.75.

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