LME aluminium (MAL3=LX) may retest a support at $3,100 per metric ton this week, a break below could trigger a fall toward $3,021.
The downtrend is riding on a wave c, which has briefly travelled below its 123.6% projection level of $3,149. This wave is likely to extend to the 161.8% level of $3,021.
A break above $3,025 could lead to a gain into the $3,274-$3,307 range.
* The analysis is published once a week on Monday.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
** No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.