August 2017 | Base Metals
Technical analysis: Outlooks positive
Technical indicators remain either bullish or neutral for base metals
Aluminium Aluminium prices remain upbeat after setting a fresh 2017 high at $2,112 per tonne. The stochastics indicate sentiment remains bullish however, the RSI at 72 suggests prices remain somewhat overbought in the short term and would benefit from further consolidation. The longer upper shadows on Wednesday/Thursdays candlesticks imply overhead selling. Resistance above is seen at the September 2014 highs around $2,120 and towards the October 2012 high at $2,212. Support is seen around $2,000 while the 20 DMA has moved up to $1,981, which coincided with the March/April double-top.
Lead
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