Aluminium (LME) is seen heading back up towards the 2642 July peak, above which lies resistance at 2661/2678, as Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes.
See: Copper set to rise towards the 9260/29 area – Commerzbank
Bullish bias while above the 2516 current August low
“Aluminium once again has the 2642 late July high in its sights, having recently bottomed out at 2516.”
“Important resistance continues to be found at the February 2006 and November 2007 highs as well as the 2011-2021 resistance line at 2661/2678. Only if this area were to be exceeded on a daily chart closing basis could the 2018 peak at 2718.00 be in the limelight.”
“We will retain our short-term bullish forecast while the contract remains above the 2516 current August low. Further minor support comes in between the mid-June high at 2505 and the four-month support line at 2473.19.”
“Only a slip and daily chart close below 2473.19 would lead to the early June low at 2390.50 and the June low at 2352 being back in focus.”
