Aluminium price looks to be short-term side-lined
Front month aluminium futures are seen hovering above this and their mid-February lows at 256.95 to 256.00. While this minor support zone and the January to February tentative uptrend line at 255.95 underpin, the medium-term uptrend remains intact.
A rise above Wednesday’s and the 11 February highs at 261.80 to 262.20 could lead to the gap with last Friday’s low at 263.80 being closed.
Failure at 255.95 on a daily chart closing basis may put the late January high at 253.30 on the map.
Aluminium daily chart