SHANGHAI, May 22 (SMM) -The futures technical indicators suggest that the most-traded SHFE aluminium contract may move downwards or rangebound this week. Based on the 4-hour K-line, SMM observed a total of 43 technical indicators, of which 17 were neutral, 12 were bullish, and 14 were bearish. Most of the oscillating indicators and momentum indicators pointed to rangebound price movement, while the trend indicators were generally bearish. Bearish signals outnumbered bullish ones.
After combining machine learning and futures technical indicators, SMM predicts that the most-traded SHFE aluminium contract will meet resistance in the range of [18,700, 18,900] while finding support in the range of [17,700, 18,000].