Technical Analyst: London's aluminum technology signal mixed

According to the news, technical analyst said on Tuesday that the technical signal of LME aluminum was mixed, because the price fell back to the neutral range of US$1,498-1,519 per ton.

This range consists of a 61.8% and a 50% Fibonacci retracement from the November 23, 2015 low of $1,432.50 to the March 7, high of $1,605.

If the drop of 1,498 US dollars will further fall to 76.4% Fibonacci retracement of 1,473 US dollars, rising above 1,519 US dollars will drive the price to 38.2% of the retracement of the 1,539 US dollars.

The wave pattern implies that the price is biased upwards. The uptrend from the March 24 low of $1,475 is made up of three waves, and the third wave, c-wave, has not yet been completed.

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