During this period, prices rebounded from the previous low of 22,250 to close as a bullish candlestick, settling above the short-term MA5 (22,943.90) and MA10 (22,853.82), but still trading below the medium-to-long-term MAs of MA20 (22,945.68), MA40 (23,290.36), and MA60 (23,555.97). All medium-to-long-term MAs maintained a bearish downward alignment; support at the previous low was effective, and downward momentum weakened further.
Trading volume during this period was 64,300 lots, shrinking significantly from the previous period. Open interest was 239,000 lots, down 6,639 lots from before, with the futures showing a feature of bear position reductions. From a technical perspective, on the 4-hour MACD, the DIFF (-212.61) was above the DEA (-305.69), with the golden cross structure continuing; the red bar value was 186.17, indicating that bullish momentum continued to expand.
However, the overall medium-to-long-term bearish pattern has not been completely reversed. On July 7, LME aluminium opened at USD 3,113 per tonne, with a high of USD 3,152 per tonne, a low of USD 3,103 per tonne, and closed at USD 3,139 per tonne, up 0.84 per cent from the previous close. During the trading day, prices rebounded from the previous low of 3,040 to close as a bullish candlestick, settling above the MA5 (3,118.72), but still trading below all medium-to-long-term MAs: MA10 (3,146.35), MA20 (3,243.12), MA40 (3,353.47), and MA60 (3,382.97).
All-cycle MAs maintained a bearish downward alignment; support at the 3,040 level was solid, and downward momentum continued to contract. Daily trading volume was 19,977 lots, up 4,833 lots from before. Open interest was 600,276 lots, up slightly by 103 lots, with the futures showing modest bullish position building. From a technical perspective, on the daily MACD, the DIFF (-119.6) was below the DEA (-111.38), with the death cross structure continuing; the green bar STICK value was -16.44, indicating that bearish momentum contracted further.