Shanghai rubber futures have not managed a decent rebound in weeks notwithstanding crawling along during some of a lowest levels in a decade. There is no doubt that a psychological turn of 10,000 yuan per tonne is a really critical physical support area, so notwithstanding a miss of momentum, we continue to foster a fist aloft – hopefully soon. Last week’s produce candlestick can be seen as a initial spark of hope, with a mangle above a tip of a triangle (which coincides with a nine-week relocating average) indispensable to supplement to bullish pressure. Note also how a reduce corner of a weekly cloud rises neatly in October, definition there ought to be reduction draft resistance.
Nicole Elliott is a technical analyst
Article source: http://www.scmp.com/business/markets/article/2020418/chart-day-rock-bottom-rubber