September 2019 | Base Metals
Technical analysis: Sellers mostly still in charge
With the exception of strong rallies in nickel and tin in recent days, the other base metals continue to edge lower with sellers remaining in charge.
Aluminium LME aluminium managed to end last weeks trading with another positive daily candlestick, on Friday August 30. Selling pressure has failed to create a new 2019 low and dip-buying interest is supporting the light metal complex. The positive divergence in the technical indicators that we follow suggests that more corrective upside is in store. Judging by this positive technical development, we envisage that there could be more buying in the coming days, with the declining 20 DMA around $1,770 per tonne the most probable short-term target.
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