Aluminium has the 2603 May high in its crosshairs – Commerzbank

Aluminium (LME) still has the 2603.00 May high and above in its sights while remaining above the 2304.50/2301.00 zone, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

So far remains below the May high at 2603.00

“Aluminium remains side-lined below the May high at 2603.00 which remains in sight, though. Above it lie the February 2006 and November 2007 highs at 2661.00/2678.10. If exceeded, the July 2006 high and April 2018 peak at 2710.00/2718.00 would be targeted as well. Further up sits the May 2011 peak at 2803.00.” 

“Minor support is still seen at the current July low at 2432.00 and along the six month support line at 2422.40 as well as at the early June low at 2390.50 and the June low at 2352.00. While remaining above the latter, upside pressure should remain in play.  Below the next lower March high and May low at 2304.50/2301.00 the 2020-2021 support line can be found at 2257.59, the February high at 2243.00, and the late March low at 2206.00. Further down sits the December peak at 2096.00.”