LME aluminium to test support at $1,470

LME aluminium is expected to test a support at $1,470 per tonne, with a good chance of breaking below this level and falling more towards $1,449.

The support is identified as the 86.4 per cent Fibonacci retracement on the rise from the January 12 low of $1,449 to the March 7 high of $1,605, blocking the way towards $1,449.

Labelled B, the third wave of a three-wave cycle from the November 23, 2015 low of $1,432.50 has ended at $1,449. Wave theory suggests that this low may be approached.

Resistance is at $1,486, the 76.4 per cent level, a break above which may open the way towards the 61.8 per cent level at $1,509.

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