Aluminium ...
Aluminium prices are carrying out some much-needed consolidation, after finding strong support around $2,000 per tonne. Momentum indicators are starting to look more constructive; the stochastics have crossed higher, while the RSI has edged up to 38 from an oversold 28 on July 19. The fact that prices have held previous support from the December 2017 lows is encouraging, while a tail on the monthly candlestick chart implies dip-buying below a long-term UTL. But prices need to break above immediate resistance from the 20 DMA, currently at $2,083 per tonne to avoid further pressure over the short-to-medium term.
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