Aluminium LME aluminium price action closed with a negative daily candlestick on Tuesday August 27. The light metal was under strong selling pressure from the declining 20 DMA and, with short sellers still the dominant force in the complex, a revisit towards the August 2019 low of $1,745 per tonne looks highly possible in the coming days. Its technical indicators, the daily RSI and stochastic lines, have trended lower too and this should continue to bode well for short sellers. As such, we remain technically bearish about aluminium prices in the near term and envisage a retest towards the 2019 low, with a rather high potential to register a fresh annual low. ...
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