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- Aluminium set to rally past the 2661.00/2710.00 area - Commerzbank
Aluminium set to rally past the 2661.00/2710.00 area - Commerzbank
FXStreet notes that aluminium (LME) trades in three-year highs at 2603.00. Axel Rudolph, the Senior FICC Technical Analyst at Commerzbank, expects the metal to surpass the 2661.00/2710.00-region and extend its advance.
“Last week, aluminium surged higher and sliced straight through the 2008-2021 resistance line at 2508.62 to then advance to its current May high at 2603.00. Above it, the February 2006 and November 2007 highs can be found at 2661.00/2678.10.”
“If the 2661.00/2678.10 area is exceeded, the July 2006 high and April 2018 peak at 2710.00/2718.00 would be next in line. Further up lies the May 2011 peak at 2803.00.”
“Immediate upside pressure should be maintained while the contract remains above the one-month support line at 2463.64 and the late April low at 2392.50."
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