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

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April 2019 | Base Metals

Technical analysis: Key technical levels being tested

Copper, lead and nickel are focussed on eroding overhead resistance, while the other metals are currently more focused on testing underlying support.

The LME aluminium price produced a fresh April low on Monday this week, and traded at $1,866 per tonne. Sellers were in complete control and the lack of buying pressure means that, technically, more downside can be expected from aluminium prices in the short term. That said, both the daily RSI and stochastic lines have reached oversold territory and there is a chance that the retest of January 2019 low UTL (currently around $1,870 per tonne) could trigger a fresh round of buying. Failure to attract fresh buying pressure here could push the LME aluminium price to break below the January 2019 low UTL and increase selling pressure. Against the current technical backdrop, we will wait for its price action to confirm the next directional bias.



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