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October 2017 | Base Metals

Technical analysis: Bullish again

Apart from tin, which has hit key resistance and is threating to fall away again, the other metals are looking increasingly bullish again.

Aluminium Aluminium’s thrust higher to $2,173/tonne on October 5 has attracted fresh selling. But judging by the pullback, support has been found off the rising 20 DMA and prices are currently consolidating within an uptrend channel. As such, the price action is still relatively bullish in the short term given that the stochastic fast line has advanced higher, which indicates buying interest. Nonetheless, we remain cautiously bullish given how the daily RSI continues to negatively diverge against the rising aluminium price. Even though the RSI has traded above its median line again, it remains under pressure from its overall downtrend since early August. Despite the recent pullback, bulls are generally in control and the higher lows bode well for the price to consolidate and attempt to erode overhead resistance at $2,199/tonne. Lead ...


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