Prices of the most active silicon contract are likely to move rangebound or go down next week. The SMMI rose 1.06% on Wednesday from a week ago. This week, the most active silicon contract prices rebounded slightly and then moved rangebound.
The machine learning indicates that the contract will fluctuate rangebound next week. The random time series model predicts that the price range of the most-traded silicon contract will be [12,455, 13,300], and the extreme price range will be [12,250, 13,605]. According to the SMM weekly fundamentals forecast model, the range of standard #553 silicon metal at Huangpu port will be [12,890, 13,620].
The futures technical indicators suggest that the most-traded silicon contract may move rangebound or go down next week. Based on the daily K-line, SMM observed a total of 43 technical indicators, of which 21 were neutral, 7 were bullish, and 15 were bearish.
Most of the oscillating indicators pointed to rangebound price movement, while the trend indicators were generally bearish. Energy technical indicators pointed to rangebound price movement; bearish signals this week outnumbered bullish signals but were less than rangebound signals.
Based on both machine learning and technical indicators, the most-traded contract is expected to fluctuate sideways or go down next week. SMM predicts that the most-traded silicon contract will meet resistance in the range of [13,300, 13,600] while finding support in the range of [12,200, 12,400].
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