SINGAPORE: A bearish target at $1,969.50 per tonne has been aborted for LME aluminum as a rebound from the Dec. 14 low of $1,955.75 is expected to continue.
The metal has been zigzagging within a rising channel, and each time the lower channel line had been touched, a sharp rebound was triggered.
The latest rebound could have started at Thursday's low of $1,980.50, with a target at $2,033.75 -- a high touched on Dec. 23.
A fall below a support at $1,985 will violate the bullish 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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