Aluminum (LME) It is still in a clear downward trend. Credit Suisse economists expect new year-to-date lows in the fourth quarter.
Needs to break over from $2,820 for deep stabilization
“We are leaning towards further weakness during the fourth quarter and identify the next significant medium-term support at the 78.6% retracement of the 2020/2022 uptrend and the key psychological signal at $2,015. Below there we would identify next supports medium term at $1,945 and then $1,725, before the crucial 2020 low of $1,455.”
“A clear rise above the 55-day moving average, currently seen at $2,344, would stabilize in the short term, but above the 200-day moving average, currently seen at $2,820, is needed for deeper stabilization, which is not our base case.”
Source: Fx Street
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