LME aluminium news-heading for targets $1,871

SINGAPORE, June 21 (Reuters) – LME aluminium may break a support at $1,885 per tonne and fall to the next support at $1,871, as it has completed a bounce from the June 16 low of $1,869.

These supports are identified respectively as the 100 percent and the 123.6 percent Fibonacci projection levels of a downward wave c, the third wave of a three-wave cycle from the May 26 high of $1,968. This wave is a part of a bigger wave C which may eventually travel to $1,849.

Over the past two weeks, the wave C has been unfolding within a falling channel. The drop from the June 20 high of $1,910 confirms the channel remains intact.
A break above $1,899 may lead to a gain limited to $1,908.

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Pramod Baviskar

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