Research

Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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August 2017 | Base Metals


Technical analysis: Outlooks positive


Technical indicators remain either bullish or neutral for base metals

Aluminium Aluminium prices remain upbeat after setting a fresh 2017 high at $2,112 per tonne. The stochastics indicate sentiment remains bullish – however, the RSI at 72 suggests prices remain somewhat overbought in the short term and would benefit from further consolidation. The longer upper shadows on Wednesday/Thursday’s candlesticks imply overhead selling. Resistance above is seen at the September 2014 highs around $2,120 and towards the October 2012 high at $2,212. Support is seen around $2,000 while the 20 DMA has moved up to $1,981, which coincided with the March/April double-top. Lead ...

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