Aluminum Wave Analysis – 14 October, 2022

• Aluminum reversed from resistance level 2368.70

• Likely to fall to support at 2300.00

Aluminum recently reversed down from the key resistance level 2368.70 (which has been reversing the pair from the middle of August).

The resistance area near the resistance level 2368.70 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the downward impulse from August.

Given the clear daily and the weekly downtrend, Aluminum can be expected to fall further toward the next support level 2300.00.