Technicals | Sep 08 2011
By Rudi Filapek-Vandyck
Technical market analysts at Barclays Capital have remained steadfast in their conviction: aluminium prices will not break below technical support in this time of daily turmoil in financial assets, and thus far their conviction has proved accurate. This week the analysts continued their observation that aluminum is "holding above rising trendline support". The team will be looking for a move upwards through US$2475/t which will allow the metal to target the US$2550/t area next.
When it comes to copper, the analysts have equally not given up on their positive undertone, but since copper's price action is a little more wobbly, a different approach is preferred. The analysts report they prefer to fade the down move against the US$8700/t low, targeting a rally through US$9350/t toward US$9600/t.
Of note is also the analysts seem to suggest gold is looking wobbly in the short term, while the longer term outlook remains supportive.
Technical limitations
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.
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