LME aluminium to rise to $2,129

LME aluminium is expected to rise to $2,129 per tonne, as it has cleared a resistance at $2,074.

The resistance was at the 138.2 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75.

The next resistance will be at $2,129, the 161.8 percent level.

The final component wave of the wave C is unfolding and may peak around $2,129, as suggested by a trendline ascending from the June 9 high of $1,918. A drop below $2,074 will signal a break above this level was false and the target at $2,129 has to be aborted.

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