BR reported that LME aluminum could fall further to USD 2,161 per tonne as a short term downtrend established from the October 27th 2011 high of USD 2,295 is intact within a falling channel.
The lower channel line points to USD 2,161, the 61.8% Fibonacci retracement on the rise from USD 2,077.75 to USD 2,295. A rise above a resistance at USD 2,233 will violate the bearish outlook.
No information in this analysis should be considered as being business, financial or legal advice. 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.
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