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Base Metals Technical Analysis - update: Ali vs. Lead spread: weekly reversal pending

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CES Team - New York Desk
By :  ,  CES Team - New York Desk
Today 12:36 PM

update: Ali vs. Lead spread: weekly reversal pending 

 

 
  • James Dima
  • Director - Institutional Sales - Professional Trading Group

  • [email protected]

Aluminum vs. Lead spread: on 10/31 we cited a bearish condition (2nd chart at bottom; bearish Ali). As this structure has declined it is now probing the 40 day average (blue line at 536) representing an area to reduce some shorts while moving the stop on any remaining positions to break even (597).

image-20241112073807-2

Sent: Thursday, October 31, 2024 9:08 PM
Subject: Ali vs. Lead spread: weekly reversal pending

Aluminum vs. Lead spread: monitor for a negative weekly RSI close below 70 (lower pane; bearish Ali). Prior similar setup highlighted via purple vertical line.

In terms of sizing, if using average weekly ranges it would equate to: long 3 Lead/short 2 Aluminum.

image-20241112073807-3

Related tags: Base Metals

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