Aluminium Price Forecast Based On Technical Indicators And Machine Learning (Apr 17-21, 2023)

SHANGHAI, Apr 17 (SMM) - The SMMI index rose 0.76% on a weekly basis as of last Thursday. In terms of machine learning, the random forest & time series model predicts that the price range of the most-traded SHFE aluminium contract will be [18,410, 18,990] this week, and the extreme price range will be [18,350, 19,070]. The LSTM & time series model predicts that the range of SMM A00 aluminium average price will be [18,400, 18,950], and the extreme range will be [18,310, 19,100]. According to the SMM weekly fundamentals forecast model, the range of SMM A00 aluminium average price will be [18,440, 18,890].

The futures technical indicators suggest that the most-traded SHFE aluminium contract may go up initially and then fall back. Based on the 4-hour K-line, SMM observed a total of 43 technical indicators, of which 9 were neutral, 23 were bullish, and 11 were bearish. Most of the oscillating indicators and momentum indicators pointed to rangebound price movement, while the trend indicators were generally bullish. Bullish signals outnumbered bearish ones. The bearish signals suggest that the market is now in an overbought territory, putting prices at risk of corrections.