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

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February 2019 | Base Metals


Technical analysis: Looking to test resistance


The base metals are mostly on the up and are looking to erode or hurdle overhead resistance levels.

Aluminium 
The rebound momentum since the February 19 low at $1,946 per tonne has started to trigger some selling pressure. The LME aluminium price managed to retest the underbelly of the bear-flag formation, but the lack of follow-up buying has left the complex vulnerable to further selling interest. The 100 DMA ($1,928 per tonne) now acts as a new platform for fresh sellers to enter the complex and if this persists, we envisage a retest of technical support at 20 DMA. The daily RSI and stochastic lines are still trending higher but both indicators are vulnerable to a potential turnaround if more selling emerges. That said, LME aluminium can take comfort from the fact that its price action so far in 2019 has produced a series of higher highs and lows. 

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