While the weekly chart is still in an uptrend, prices are right at longer-term support. However, the MACD and RSI are still rising. Also note the EMA picture is jumbled -- while all are heading lower the main issue is there is a great deal of congestion suggesting a fair amount of confusing about where traders want to send the market.
The daily chart shows a major correction that is moving the market lower. Notice the MACD and RSI are both moving lower in a big way. Also note the 10 day EMA has crossed below the 50 and the 20 is about to do the same. That tells us their is a pretty high probability of the market moving lower.
Industrial metals are still in a rally -- the MACD and RSI are still rising. Also note the 10 and 20 day EWA are moving higher and are providing technical support for the rally. Finally, prices are consolidating right below the 50 day EMA.
This chart shows that prices are still in a solid uptrend as evidenced by the very bullish EMA pictire -- all the EMAs are moving higher and the shorter EMAs are above the longer EMAs. Prices are currently consolidating in a triangle pattern.
