Aluminium set to rise towards the 2008-2021 resistance line at 2508.62 – Commerzbank

Aluminium (LME) continues to surge higher towards the 2008-2021 resistance line at 2508.62, as Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes.

Aluminium continues its steady advance 

“Aluminium continues to rise towards the April 2010 peak at 2494.00 which remains firmly within its grasp. Further up the 2008-2021 resistance line at 2508.62 represents our next significant upside target.” 

“Support below the 2359.00 mid-April high comes in along the four-month uptrend line at 2331.63 and also between the March high and April 20 low at 2305.50/2301.00. While the contract remains above this support area, we will stick to our bullish forecast. Below this support zone meanders the 55-day moving average at 2245.17 and lies the February high at 2243.00 as well as sits the late March low at 2206.00.”