Technicals | Aug 14 2012
By Rudi Filapek-Vandyck
Look through the noise of day-to-day low volume central bank stimulus inspired anticipation and what do we see?
According to technical market analysts at Barclays Capital the view that opens up is one of underlying bearish trends for industrial metals. The team has been on this bearish note for nickel, aluminium, copper and the likes for a while now, and the analysts remain undeterred in their bearish market assessment.
The charts below indicate that from a technical point of view, there seems to be plenty of resistances and headwinds around to keep a lid on the copper price for the short to medium term outlook. And that exactly is the ruling view among the analysts that produced the chart.
In techno-lingo this translates into: "A move below {US$]7215 in copper would confirm our bearish view toward our target near 7100 next. For aluminum a break below [US$]1828 would signal further downside toward our target near 1776".
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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