LME aluminum to fall to $2066

SINGAPORE: LME aluminium is expected to fall to $2,066 per tonne, with a good chance of extending its loss to $2,056.

A head-and-shoulders has been confirmed, pointing to a target at $2,000, which looks too aggressive now. A more realistic target will be $2,066, the 76.4 percent Fibonacci retracement on the rise from Jan. 29 low of $2,033 to $2,174.

The metal is riding on a downward wave 3, which is sharp enough to travel beyond $2,066 to reach $2,056, its 100 percent Fibonacci projection level.

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