Aluminium ...
LME aluminium prices continue to consolidate above the August 15 low at $2,007 per tonne. Momentum indicators reflect the neutral price action; the stochastics have converged in mid-ground and the RSI at 45 remains neutral overall. The 20, 40 and 55 DMAs have converged around $2,065 per tonne and are providing strong overhead resistance. The 20 DMAs failure to break convincingly above the 40 & 55 DMAs indicate a lack of clear direction. For the moment, prices are holding above the double-bottom at $2,007 per tonne. Additional support is toward the April 5 low at $1,977 per tonne.
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