LME aluminium to consolidate in $2,096-$2,158 range

 

 

The deep fall during the previous trading session has confirmed the resumption of a long-term downtrend, however, it has also overdone a short-term downtrend, and as a reaction, a rebound has been triggered.

 

 

A Fibonacci retracement analysis on the fall from $2,220 to $2,096.25 reveals the rebound may not travel very far, and most likely it will be capped at $2,158, the 50 percent level.

 

 

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