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December 2019 | Base Metals


Technical analysis: Tin and copper leading in the upside


The base metals are mixed, with copper and tin rebounding higher quite strongly. The other metals are still shoring up support and, once done, could follow the leaders higher.

Aluminium 

LME three-month aluminium ran into a short-covering rally at the end of last week on Friday December 6. It has found technical support from the October 2019 low UTL and the price produced what looks like a positive daily candle which bullishly engulfed the previous daily candlestick. Basis its improved technical configuration, we envisage more short-term upside to emerge in the coming days. The key to more upside is to trade and close above the 100 DMA ($1,766 per tonne), followed then by a retest of the December 3 high at $1,795 per tonne. Both the daily RSI and stochastic lines still have room to the upside and that should enable more buying to emerge. That said, we envisage price action to remain constricted and trade within a very limited range of the symmetrical triangle pattern until there is a technical breakout from either the March 2019 high...

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