Technical Analysis - Aluminium

Analysis

Weekly chart shows that prices are trading sideways up in the high ground (although the daily chart shows prices are weak compared with where prices have been in recent weeks).

Prices are also well above the lower Bollinger band, which has not been visited since June last year. The 50 WMA is also way down at $2,270.

With the stochastics crossing lower, it seems as though there is an increased chance of a deeper pullback.

Conclusion

A drop below $2,280 would not bode well.

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