Technical forecast for Aluminium

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Aluminium has been quite directionless but made it through 1860. We then struggled at Friday’s high of 1866. If we make it higher today we run in to resistance at 1885 & again at 1895. This should hold the bounce so a high for the day is possible but shorts need stops above 1903.

A drift back below 1860 keeps us within the range of the last 5 sessions. Immediate support is then 1850/45 but below here risks a slide towards last week’s low at 1821 & possibly good support from May lows at 1809. A break lower this week however should target 1778/76.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More