Aluminium Aluminium has been underpinned by rising support from its 20 DMA since January 9, which currently stands at $2,221 per tonne. While prices tested below this support last week, the lower shadows on the daily candlesticks imply dip-buying interest remains. But attempts to rally have struggled to gain traction above $2,250 per tonne. Failure to hold immediate support at the 20 DMA risks revisiting the January-9 low at $2,150 per tonne, which coincides with the 50% Fibo of the rally from mid-December to the end of December. Additional support is seen around the 100 DMA at $2,158 per tonne. The 55 DMA crossed below the 100 DMA last week. Both remain in close proximity for the moment but the ‘death cross’ is a negative signal in the short-to-medium term. Meanwhile, upside targets are $2,350-2,360 per tonne level, last seen in March 2012. ...
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