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November 2017 | Base Metals

Technical analysis: Consolidation continuing

The base metals continue to consolidate close to recent highs, absorbing selling and attracting dip buying. In the absence of a clearer loss of momentum, this consolidation could still lead to fresh highs.

Aluminium Aluminium has weakened notably since facing strong resistance at $2,200 per tonne last week. But there seems to be a support at $2,076 per tonne, which corresponds to the 38.2% Fibo of the 2008-2009 downtrend. Momentum-based indicators are negative while the RSI is not yet oversold. With aluminium below its 20 DMA, we think weakness is likely in the immediate term. But, technically at least, the current price consolidation looks temporary, with the bull market threatening to continue for longer. Based on the chart, we maintain our constructive view over the very short term. Lead ...


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