LME aluminium faces resistance at $1,644

LME aluminium faces a resistance at $1,644 per tonne, a break above which will lead to a gain to the next resistance at $1,660.

These two resistances are identified respectively as the 38.2 percent and the 50 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle that developed from the Aug. 24 low of $1,506.

The longer the wave c hovers below $1,644, the more likely it will retrace to the support at $1,624, the 23.6 percent level. A rise to $1,648 may signal a break above $1,644.

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