Aluminium Price Forecast Based On Technical Indicators

SHANGHAI, May 6 (SMM) – The futures technical indicators suggest that the most-traded SHFE aluminium contract will fluctuate downwards or bottom out next week. Based on 4-hour K-line, SMM observed a total of 43 technical indicators, of which 20 were neutral, 11 were bullish, and 12 were bearish. Most of the oscillating indicators were bullish, while the momentum indicators generally pointed to rangebound price movement, and trend indicators were mostly 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 [18,000, 18,200].