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

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July 2018 | Base Metals

Technical analysis: How far can rebounds run?

Base metals have become technically oversold and many have reached pivotal support levels from which rebounds could emerge.

Having found technical support from the July 6 low at $2,071 per tonne, the LME three-month aluminium price made a decent attempt to rebound on Monday, July 9. It traded as high as $2,134.50 per tonne and had a rather positive close above $2,100 per tonne, then received some follow-up buying on Tuesday. The technical indicators are starting to improve too, edging slowly away from oversold territory. However, there will need to be more follow-up buying here to support its price higher. The nearby overhead resistance comes from the declining 20 DMA and then the 200 DMA.



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