I wrote last time about the chance we may have for a very, very large H+S Top with a Split Head in Aluminum – the jury is still out on that one! During this last past month prices dipped to new recent lows and also perhaps, have formed the 2nd Shoulder of the previously mentioned H+S Top… but that has been all – we haven’t followed on with anything & that is despite, for example, having a Key Reversal Up on the 20th of Mar!
Perhaps, this failure of the KR Up is indicative of a willingness to try lower later as the rally did not touch the two nearby resistance areas of the Short/Medium MA (currently 1814) & the 2015 50% Fib at 1822!
However, there has been no move to try lower either! Perhaps the bullet point above is right after all, a neutral market – longer term charts provided no clue – on the Weekly Chart, after trying lower we went sideways with an Indecisive Doji Cross this past last week! Nevertheless, support is at 1765, 1757, 1745 & 1705! Resistance is at 1804, 1808, 1814, 1822 & 1840 – 1843! As mentioned, bullet point stays the same!
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