Aluminium (LME) continues to surge higher towards the 2008-2021 resistance line at 2508.62, as Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes.
Aluminium continues its steady advance
“Aluminium continues to rise towards the April 2010 peak at 2494.00 which remains firmly within its grasp. Further up the 2008-2021 resistance line at 2508.62 represents our next significant upside target.”
“Support below the 2359.00 mid-April high comes in along the four-month uptrend line at 2331.63 and also between the March high and April 20 low at 2305.50/2301.00. While the contract remains above this support area, we will stick to our bullish forecast. Below this support zone meanders the 55-day moving average at 2245.17 and lies the February high at 2243.00 as well as sits the late March low at 2206.00.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.