Technical Forecast for Aluminium

Aluminium held on to 1873 support again yesterday & is hovering above 1902 resistance. If we can push through 1910 we could retest 1926/28. A break higher looks unlikely today but if seen could take us to 1953/58. Watch for a high for the day & should be worth trying shorts in expectation of a high for the week but use a stop above the gap at 1962 & look for 1996 next target.

 

Below 1885 support we should see 1873 trade then a break of the week’s low so far at 1869 targets good support at 1860. However we cannot rule out a break lower to 1850/41 & possibly even a test of the 1818 lows. This should offer a good buying opportunity once again.