BUSINESS RECORDER
Aluminium to fall to $2,127/T
Edited by : AL CIRCLE
1 min read
A bullish target at $2,244 per tonne has been aborted for LME aluminum and a bearish target has been established at $2,127, a low touched on Nov. 11.
The return of the price into a range of $2,096.25-$2,170 has signaled a false break above the high of the range, and the five-wave mode on the fall from $2,197 to $2,146 strongly indicates the rise from the Nov. 10 low of $2,097 will be totally reversed.
Strategically, a drop below $2,146 will confirm the target at $2,127, with the potential downside at $2,097.
The return of the price into a range of $2,096.25-$2,170 has signaled a false break above the high of the range, and the five-wave mode on the fall from $2,197 to $2,146 strongly indicates the rise from the Nov. 10 low of $2,097 will be totally reversed.
Strategically, a drop below $2,146 will confirm the target at $2,127, with the potential downside at $2,097.
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