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Saturday, January 22, 2022

LME aluminium may retest $2,549 this week; second bounce likely

SINGAPORE: LME aluminium may retest a support at $2,549 per tonne this week, a break below which could open the way towards $2,340.

The support has triggered a bounce which has been developing within a rising channel.

The metal seems to have got off the track. It may be unable to fulfil a target of $2,808.

However, the contract may not break $2,549 and drop straight towards $2,340 in its first attempt. The current speculation is it may manage to stabilize around $2,549 and bounce again.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

LME aluminium may retest ,549 this week; second bounce likely

Source: Brecorder

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