LME aluminium may approach $1,582

LME aluminium may approach a resistance at $1,582 per tonne, as it has found a support at $1,545.

The resistance and the support are identified respectively as the 14.6 percent and the 38.2 percent Fibonacci retracements on the rise from the January 12 low of $1,449 to March 7 high of $1,605.

The first leg of the drop from the March 7 high of $1,605 has completed. The second leg, driven by a wave b, is extending towards $1,582. The third leg may develop around $1,582.

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