Research

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.

Aluminium 
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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