September 2019 | Base Metals
Technical analysis: Rolling over
The base metals tried higher earlier in September, but that momentum seems to have faded and prices are rolling over to the downside again.
Aluminium The LME three-month aluminium price briefly traded above the 50 DMA ($1,792 per tonne) and the 100 DMA ($1,794 per tonne) on Friday September 20, but selling pressure emerged and caused the metal to produce a negative close to last week. The price continues to tread water just below these levels and either side of the 20 DMA ($1,783 per tonne) so far this week while buyers and sellers continue to tussle for the next directional bias. Both the daily RSI and stochastic lines trade in the middle of the range and are failing to produce much direction for now. That being said, with the LME aluminium price still stuck within the descending wedge-like pattern, the complex should favor more downside pressure and we envisage a retest of September low to be the most likely scenario.
Copper
The LME three-month copper price is below the DTL...
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