Tin to set new all-time highs above the psychological 40,000 mark – Commerzbank

Tin (LME) is seen trading in new all-time highs. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, sees the metal striving for the psychological 40000 mark.

Key support is located at the 31305/31250 area

“Tin is trading in new all-time highs and is fast approaching the minor psychological level at 40000 with a 161.8% Fibonacci extension of the 2005-2008 advance projected higher from the 2008 low coming in at 41601.10.”

“Support can be found between the August and September highs at 36830/35955. Further support comes in between the late August high and the 55-day moving average at 34640/34615.10.” 

“Key support remains to be seen between the August and September lows at 31305/31250.”