,532-,548 range” alt=”LME aluminium may rise into ,532-,548 range” width=”400″ height=”300″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/lme-aluminium-may-rise-into-1532-1548-range.jpg”>SINGAPORE: LME aluminium may break resistance at $ 1,515 per tonne and rise towards the resistance range of $ 1,532-$ 1,548, as indicated by its wave pattern and a Fibonacci projection analysis.
Resistance is provided by the 114.6 percent Fibonacci projection level of a downtrend from the Oct. 9 high of $ 1,646. The trend could be broken down into five small waves, with the fourth wave having peaked around $ 1,548, the 86.4 percent level.
Wave theory suggests this peak may be approached. However, the target at $ 1,548 could only be confirmed when aluminium overcomes resistance at $ 1,532, the 100 percent level.
Support is at $ 1,505, the 123.6 percent level, a break below which could lead to a loss to the 138.2 percent level at $ 1,488.