ALUMINIUM FUTURES (ALUMINIUM1!), H1 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 224.00
Pivot: 217.75
Support : 208.80
Preferred Case: On the H1, price is moving below the ichimoku cloud and along the descending trendline which supports our bearish bias that price will rise and drop from our pivot at 217.75 in line with the overlap resistance, 23.6% fibonacci retracement, 78.6% fibonacci projection and 50% fibonacci retracement to the 1st support at 208.80 in line with the -27.2% fibonacci expansion and 78.6% fibonacci projection.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 224.00 in line with the swing high resistance and 38.2% fibonacci retracement.
Fundamentals: As aluminum supply is being squeezed by soaring demand, we have a bullish view on aluminum.
Resistance : 224.00
Pivot: 217.75
Support : 208.80
Preferred Case: On the H1, price is moving below the ichimoku cloud and along the descending trendline which supports our bearish bias that price will rise and drop from our pivot at 217.75 in line with the overlap resistance, 23.6% fibonacci retracement, 78.6% fibonacci projection and 50% fibonacci retracement to the 1st support at 208.80 in line with the -27.2% fibonacci expansion and 78.6% fibonacci projection.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 224.00 in line with the swing high resistance and 38.2% fibonacci retracement.
Fundamentals: As aluminum supply is being squeezed by soaring demand, we have a bullish view on aluminum.