LME aluminium may bounce to $1,479

LME aluminium may bounce to resistance at $1,479 per tonne, as it has found a support at $1,453.

The resistance and the support are identified respectively as the 38.2 percent and the 50 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50.

A break below $1,453 could confirm the continuation of the wave C towards $1,426, the 61.8 percent level, while a break above $1,479 could lead to a gain to the 23.6 percent level at $1,511.

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