November 2011 | Base Metals
Bullish inverse head-and-shoulders patterns may be forming in lead and zinc
There are potentially bullish inverse head-and-shoulders patterns on the lead and zinc charts at the moment. However, we would treat any bullish technical signals cautiously. Given the overall multi-month downtrends and nervous sentiment about the Eurozone crisis, we doubt the head-and-shoulders will be triggered.
Lead and zinc prices have been in consolidation mode over the past week or so. Technically, this consolidation pattern could be part of inverse head-and-shoulders patterns developing on both charts. In zinc’s case, the neckline would be around $2,010/tonne and in lead’s case...
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