LME aluminium may end bounce around $1,547

Aluminium may end its current bounce at London Metal Exchange (LME) around a resistance at $1,547 per tonne, as suggested by a Fibonacci projection analysis.

The resistance is provided by the 161.8 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of 1,729.50. This wave does not seem to have completed, as it may eventually travel to $1,460, the 238.2 percent level.

A break above $1,547 could lead to a limited gain to $1,560, the 150 percent level, while a drop below $1,530, the 176.4 percent level, could signal the completion of the bounce.a

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