LME Copper (3 Month Continuous)
It looks like my many weeks comment of '...using the 7005—7055 area as an attractor.' is coming to an end. Most recently we've had a third Bearish Black Crow below the recent 50% Fib at 6909 (that is now resistance). We're now testing down to some significant support, notably the 2016-todate Uptrend (currently 6760) and the Long MA (currently 6675). These, along with the 2018 low at 6733 will be key in supporting the market or else key in its decline. Topside, we've a load of resistance rom the 6909 level up to about 6993—including the Medium MA (currently 6962).
LME Aluminium (3 Month Continuous)
I wrote about the earlier market '...dropped out of its self-imposed '...Third Way of Neutrality...'. I'd written how 'The key supports are the Jun 2017-todate Uptrend (currently 2080) and the nearer Long MA (currently 2089).'. I've updated the numbers but so far we've managed to breach both and only close consecutively under the Long MA. It seems we need both and even then it's not certain. However, it'd seem likely to try further down... but only if the Uptrend is properly broken. Then the Dec 2017 low at 1998.50 may beckon...otherwise 50% Fibs at 2118 and 2144.
LME Nickel (3 Month Continuous)
For the last two weeks I've said the '... Sep—Dec 2017 Andrews Pitchfork which has been running the overall Bullish angle-of-attack of the market between the Middle Tine and Lower Tine.' and to 'Watch for any consecutive closes below the Lower Tine.'. The Lower Tine's at 13795 and we've had two consecutive closes below...the AP's now invalid (I hope!). What now? We've, a possible H+S Top formed over late Jan-to-date. We're in the 2nd Shoulder and the Neckline's currently 13250. On a break, the suitable Target for a H+S move would be about 3600 down. Watch!
LME Zinc (3 Month Continuous)
I wrote some weeks ago '...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, key recent 50% Fib 3323 and tested but not closed below (yet) the Medium MA. All but the last is resistance. Watch the Lower Tine carefully...'. We've now closed below the Medium MA (currently 3316) and the Lower Tine of the Bullish 2016—2017 Andrews Pitchfork's (currently 3310) now invalid. We're still on for 3120 but we may be forming a Halfway Hesitation...plus watch the Long MA (currently 3138).
LME Lead (3 Month Continuous)
Last time I noted how we need consecutive closes below the tested but not consecutively broken 50% Fib of the Dec 2016—Feb 2018 move at 2321. 'We'd need consecutive closes or else the Long MA may call again.'. Guess what? We didn't get them last week and we retested the Long MA resistance (currently 2436) BUT didn't close over. Instead we backed down and are testing the 50% Fib...again! As I've said '...the Bearish overhand is large...'. If we have two consecutive closes below then the 50% Fib at 2218 may call. Look to see if recent action's a Halfway Hesitation.
LME Tin (3 Month Continuous)
We've seemingly reached (...and passed) the 'cusp'! I'd suggested we might reach down as far as 20100 but first.Jet's look at the latest Pattern. We've broken below the recent Sideways Triangle and this is the key coincidence. The recent 50% Fib is at 20340, the Medium MA is currently 20375 and the Long MA is currently 20310...and a Bear Target for the ST would be in the 20,300 area. So that ALL three supports hit in (currently) between 20300—20375...amazing! Only closing consecutively back over the Downtrend (currently 21325) MIGHT change things.
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