tin price hits 8 week high, page-2

I just had a look at the overnight tin price and it seems to have broken out above $23,000 which has been a bit of a price ceiling for the last 4 months.

3-Month settlement price is currently $23,575.

Here is a medium term chart

Based on the tin price chart I think any further move through $23,500-24,000 would be confirmation of a double bottom and a move toward the 4-year resistance of $25,000-26,000 should follow.

If it breaks decisively through $25,000-26,000 then all bets are off.

Another thing that would appear bullish is the warehouse stocks data. Start of the year warehouse stock level was approximately 10,000 tonnes. Yesterday's stock level 8,365 tonnes, a 15% fall in the last two months. From memory the warehouse stocks were 12,000-13,000 tonnes around October but I don't have access to full historical data from the LME site.