Top Citi Analyst’s Remarkable Bullish Charts On Metals...
Today’s call from top Citi Analyst Tom Fitzpatrick…
London Metals Exchange Below is the long term chart of the London Metals Exchange Index. There are a number of factors that suggest that the long term low is in: *The time between the major lows was exactly 7 years and 1 month (2001, 2008 and Jan 2016). *Monthly momentum turned up from stretched levels last seen at the lows in 2008 and 2001. *We held the 76.4% retracement of the rally from 2009. *At that level we posted a bullish monthly hammer pattern in January (see chart below).
The important development to look out for now is this month’s close. Should we see it above 2,370 then we would see a bullish outside month as a continuation arguing for further gains from here.
