Weekly chart, Aluminum is showing negative indicators RSI and MACD. It seems the price is testing down the support line, then -may be- the historical support line.
Below that level, price can easily go to 1595 and 1568
Above resistance, the target is 2692
The metal was spotted in a corrective phase to a prior 5 wave rise it had displayed from Oct 2023-Nov 2023.
The corrective structure still looks incomplete though.2200 is the support area for this commodity and also the area from which the next leg up towards 2350 is expected to begin.
You can also witness the classis price-volume relation on this chart. Volume...
China's aluminum market in 2023 stands out for its resilience, with prices on the Shanghai Futures Exchange (SHFE) bucking global trends by climbing over 1%, while the London Metal Exchange (LME) saw an 8% slump. This divergence is largely credited to the strength of China's green sector and decarbonization efforts. An open arbitrage window, created by SHFE...
Hi guys! 👋🏻
🔔 There's no clean energy without Aliminium, which is widely used in electric vehicle and solar panels production
🔔 One of the largest consumers of Aluminium - China is expected to increase the demand for the metal in its e-vehicle, clean energy and airplane production.
🔔 Other fundamentals which support higher demand for metals are: global ecnomies...
Aluminum has kissed the falling trendline on daily time frame. Time to short. Price has shown reaction to this zone several times in the past as indicated b circle zones.
HI, I think Aluminum will break 2074usd to the down and eventually it reach 1900_1850usd ,,,,But maybe we have alittle bounce up from 2074usd.
Goodluck
Aluminium trend short
Aluminium prices have fallen over 10% since late January, which originally saw prices spike above HKEX:2 ,600 per tonne as the ending of Covid-19 restrictions in China saw demand for the metal rise.
Prior to this aluminium prices had dropped about 40% below record levels in late November 2022 due to weak demand outlook for the industrial...
Possible upward movement of the pair. Price is currently in a lower bound trading zone with significant volume making stops and holding rejections at the bottom of the price near the 55 period EMA , essential in my strategy for analysis of potential trend continuations. Indicators like Squeeze Momentum and the MACD histogram have turned bullish after their red...
Aluminium appears ripe for a bullish move to the profit target. As of last night price broke a major resistance level with with very little sell side pressure at major res. indicating market may have a hawkish view moving forward.
