LME Copper (3 Month Continuous)
Last week I wrote how the quick failure of the Key Reversal Up at the time was mirroring recent events '...happy to try lower but then back up whilst at the same time any try higher...even a new high...is quickly batted down.'. We've since followed on with moves back below and most recently back over the key recent 50% Fib at 6993 and the Medium MA (currently 6973). I've written and spoken about this before but to recap—we seem to be using the 7005-7055 area as an attractor. The market moves away...but always comes back...Neutral(ish) but with a anarchic attitude.
LME Aluminium (3 Month Continuous)
Almost a Bullish Key Reversal Up (failed!) and a Double Bottom (...jury's out on that one) on the Daily Chart last week. I'll just repeat my previous commentary...it's still valid 'We're currently back over the 50% Fib (support) but below the Medium MA resist (currently 2152).'. The market's seemingly embraced the Third Way of Neutrality, especially if you look at all last week and a half's opens and closes. Topside, we've still congestion 2178-2180 and better between 2201-2214. Below the market congestion's between 2118-2109 with the Long MA support at 2080.
LME Nickel (3 Month Continuous)
A Key Reversal Down on the Weekly Chart had limited follow through lower because as I've said numerous times 'We're still within the Sep—Dec 2017 Andrews Pitchfork which has been running the overall Bullish angle-of -attack of the market between the Middle Tine (currently 15110) and Lower Tine (currently 13400). All we may have done is just move down to the Lower Tine support area and bounced off..sort of.'. Apart from my updating the Tine values all we've done since last time slow nearing the support. Watch for any consecutive closes below the Lower Tine.
LME Zinc (3 Month Continuous)
I recently wrote 'We're still within the Middle Tine (currently 3830) resistance and Lower Tine (currently 3266) support of the Bullish Andrews Pitchfork.' This is the huge 2016-2017 Bullish AP and it's still running the market...just about as we've formed a Bearish Double Top over late Jan—Feb with potential Target just under 3120. We've dropped through the previous Feb Low (3351), key recent 50% Fib 3323 and tested but not closed below (yet) the Medium MA (currently 3306). All but the last is resistance. Watch the Lower Tine carefully for lower consecutive closes.
LME Lead (3 Month Continuous)
I warned last time '...there's an issue...the Feb 2017 Downtrend (currently 2583). Small but it's testing the downside more than anything for a while. Watch the Tine, Medium MA, 2515 and 2480 just in case...otherwise the Long MA (currently 2423) may call.' Well, this past week we went through all that cautioned support and we're now testing the Long MA. We've been under but haven't closed below as yet. If we do then next we have the 50% Fib of the 2010-2011 move at 2218 and the 2016-to-date Uptrend (currently 2350)...but the Bearish overhang is large.
LME Tin (3 Month Continuous)
I pointed out last time how we're coming to a cusp...but not just yet. This time we're sufficiently advanced that we may be about to move... though it could still disappoint. Once more 'The highs are lower and lows higher...' plus 'Key will be consecutive closes over or under the recent Trends (currently 21740 and 21560).'. Today, we're breaking down through the early Feb Uptrend and the best chance (with two consecutive closes) to try lower, possibly even to 20100. Alternatively, we may stay or just go as low as the Feb lows at 21230 and 20990...that might be disappointing.
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