LME aluminium is expected to hover above a support at $2,104 per tonne for one trading session before falling again.
The support is provided by the 50 percent Fibonacci retracement on the rise from the Jan. 29 low of $2,033 to $2,174, blocking the way towards $2,087, the 61.8 percent level.
A rebound has been triggered by the support, with a limit at $2,130, as this rebound could be a part of the right shoulder of a possible head-and-shoulders.
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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