SMM News: June 17 news, a technical analyst said on Monday, LME aluminum this week is expected to fall to $1710 a tonne, as it has fallen below the key support level of $1767 a tonne.
This support is 38.2 per cent of the expansion of wave C, which began at $1951. The wave could extend into the $1470-$1653 range.
The flag move also hinted at a target of $1470. The next support will be $1710, and falling below that support could open the way for prices to fall to $1653.
The target at $1710 will be intact, with aluminum breaking through $1767, which is currently at the resistance level.