SINGAPORE: LME aluminium may break support at $2,150 a tonne this week and fall towards the next support of $2,073.
The bounce triggered by that support at $2,073 has completed around a resistance at $2,360, after the metal failed twice to overcome this barrier.
A wave C from $3,742 has resumed.
China Sept aluminium output rises 9.3% y/y as power restrictions ease
It is expected to travel towards $1,708. A realistic target is $2,073, a break below which could confirm a lower target of $1,909.