Aluminium The LME three-month aluminium price ran into stiff overhead resistance on Monday August 12 after reaching a high of $1,793 per tonne. Sellers were actively defending just below the 50 DMA and managed to produce a rather negative bearish engulfing daily candlestick. With the 20 DMA fast approaching the 50 DMA, a bearish cross-over below it could trigger more downside momentum. The 20 DMA cross-over below the 50 DMA as seen in mid-April this year helps paint a bearish picture which could be replicated in the coming sessions. As such, the risk to the downside has increased and the double-bottom formation faces the possibility of being breached. ...
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