Research

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

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April 2019 | Base Metals


Technical analysis: Mixed picture


Based on our latest technical analysis, tin and zinc are testing the downside, nickel is going sideways, while copper, lead and even aluminium are trying higher but unconvincingly at the moment.

Aluminium 
LME aluminium produced what appears to be a bullish daily hammer candlestick on Friday April 12. This technical development could mark a potential short-term reversal. Given how oversold the daily RSI and stochastic lines are, there is decent upside potential on both indicators to support a move higher. Still, we will need to see more buying emerge first and LME aluminium needs to trade back above the January 2019 low UTL again. Failure to do so could see more downside, with the psychological price level of $1,800 per tonne as the next probable target.

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