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January 2020 | Base Metals


Technical analysis: Mostly short-term negative-to-neutral


Some base metals have been rallying recently, but now face resistance and reversals before trying higher again, while other metals are in consolidation pattern that could yet conclude with short-term downside breakouts.

Aluminium 

The LME three-month aluminium price managed to find support at the 20 DMA ($1,801 per tonne) as well as the December 2019 low UTL on Friday January 10. Also, it was well-bid into the close of trading that same day, settling above the psychological price level of $1,800 per tonne and trading either side of it early this week. The rising 20 DMA remains an all-important short-term directional indicator and buyers have work to do to keep the price on the upper side of it. However, for now both the daily RSI and stochastic lines are trending lower. And we are mindful that aluminium had a downward bias throughout 2019 with selling returning to dominate trading after every attempt on the upside. There is an uneasy feeling that selling pressure is bound to re-exert its dominance once again in the coming weeks. Copper Having found nearby technical...

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