Weekly LME Metals: Aluminium, Nickel, Tin, Lead
Eddie Tofpik | Apr 25, 2018 06:35
LME Copper (3 Month Continuous)
A Key Reversal Down on the Daily Chart yesterday closing below the key Medium MA (currently 6954) but not below two nearby 50% Fibs—the late Dec 2017—Mar 2018 at 6920 and early Dec 2017—Mar 2018 at 6909. Distinction seems fine but it shows the importance of both. We even went down to test the Mar-to-date Uptrend (currently 6874) but failed to do anything. Today we're back over the Medium MA, within a Channel (6874—7245) and looking to test Upper Tines of 2011—2017 Andrews (currently 7074) and Schiff (currently 7180) Pitchforks Upper Tines.
LME Aluminium (3 Month Continuous)
Some key things...we're currently below the recent 50% Fib at 2347. We've closed once below and may today (...we've sill time). We're also below the key 50% Fib of the 2008—2009 move at 2329...all these are resistances. We're testing down to the Middle Tine of the 2009—2015 Schiff Pitchfork (currently 2215). We've been below but not close yet. Significant MAs below are Medium (currently 2161) and Long (currently 2122)...all these are support as is nearby 2011—2016 50% Fib at 2118. Closes below the Medium MA may mean Neutral...below Long MA may mean Bearish.
LME Nickel (3 Month Continuous)
Last week's action has symptoms of a Bearish Weekly Shooing Star Pattern with Friday's close below the Middle Tine of the Dec 2017—Mar 2018 Andrews Pitchfork (currently 15155)...though failing to close below the recent 50% Fib at 14755 was awkward. Yesterday's acton helped the Bear cause but we've yet to try down to the Dec 2017—Mar 2018 50% Fib at 13715. Failure means the Bullish AP is sill in charge. Compliance and we may test the Medium (13060) and Long (12135) MAs. Below the Medium MA may mean Neutral...below the Long MA may mean Bearish.
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LME Zinc (3 Month Continuous)
Last week was almost a Weekly Key Reversal Up...but failed by 1.50! I last wrote 'Unless we had consecutive closes above the Medium MA (currently 3322) or under the Long MA (currently 3201) we've as I wrote last time '...ping pong between MAs.'. Apart from the aberration down, we've continued to do that...and the drop was sorted by a Key Reversal Up. So...the MAs backed by the Dec 2017—Feb 2018 50% Fib at 3323...have kept the market within a narrowing range. We reached the Jan—Feb Double Top Target at about 3110 but not decided on a Halfway Hesitation.
LME Lead (3 Month Continuous)
Many times I've written 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 (currently 2451) may call again.' but on any rise '...the Bearish overhand is large...'. We're sill testing both sides (note the Outside Week last week) and we're basing or else a Bearish Halfway Hesitation Pattern. Sill too early to say which. Watch for consecutive closes below the 50% Fib or over the Long MA. Meanwhile, the 2018 Downtrend pressure nears (currently 2429).
LME Tin (3 Month Continuous)
The Bullish Jun—Dec 2017 Andrews Pitchfork has recently run the market, notably with the Middle Tine (currently 21295), matching today the recent 50% Fib. It doesn't mean no Bearish lines...just look at the 2018 Bear Andrews/Schiff Pitchforks. Wrote last time '...you may see further attempts higher but there's a lot all the way up to 22,000 that may make it destined to fail ...'. That's what yesterday's plunge was all about. The rising Medium MA (currently 20750) is moving the market up the AP Tine. Closes below may be NeutraL.below the Long MA (currently 20480) may be Bearish.
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