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December 2017 | Base Metals


Technical analysis: Support under pressure


Increasingly the base metals are testing support, with some important levels starting to give way, on aluminium, copper and nickel. The others, which have been more resilient, though hardly bullish, may be dragged lower if selling picks up.

Aluminium The UTL from the September 2016 low has provided aluminium with strong support. Technical sellers stepped back at such a key level and allowed prices to rebound. The daily RSI has edged out of oversold territory, but has been trading within a downtrend since the August high. Nearby overhead resistance now stands at the 100 DMA and then the declining 20 DMA. The complete break below the 50 DMA has applied additional selling pressure in the complex already. We wonder if the break below the 100 DMA will put the light metal under more pressure. Further downside cannot be ruled out if the price manages a clean break below the important September 2016 UTL, which could open up the possibility for the metal to test support from the rising 200 DMA. Lead ...

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