Oil and aluminium prices capped by resistance while natural gas prices weigh on support
Oil and aluminium prices capped by resistance while natural gas prices weigh on support amid stabilising US dollar.
WTI capped by major resistance
The WTI crude oil price's recent advance fell just short of its major $65.25-to-$67.01 per barrel resistance area by rising to $64.83 before dropping to $61.55 on Wednesday.
While Wednesday's low at $61.55 underpins, the 10 April high at $63.30 might be revisited. Above it minor resistance can be spotted at the 17 April high at $64.15 ahead of Wednesday's $64.83 peak.
A fall through Wednesday's $61.55 low would put the 16 April low at $59.90 back on the map.
Aluminium price probes resistance
Front month aluminium futures managed to bounce off Monday's 229.40 low, made marginally above the 9 April 228.70 eight month low, and currently try to overcome the 11 April high at 236.70 on a daily chart closing basis.
If successfull, the 3-to-4 April price gap to 238.00 should get filled and the 200-day simple moving average (SMA) at 240.06 be reached.
Minor support may be found at today's remaining 235.05-to-234.65 price gap.
Natural gas prices weigh on support
The natural gas front month futures price is weighing on Tuesday's 252.00 low, a low made close to the December 2024 low. Were these lows to give way, the late October high at 243.60 would be in focus.
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