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

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October 2019 | Base Metals


Technical analysis: Nickel and aluminium look the weakest


Lead and zinc hit multi-month highs in recent days and will be looking to extend their runs upward, while copper and tin seem to be preparing to join them as they try to break higher. Nickel and aluminium are focussing on the downside.

Aluminium 

The LME three-month aluminium price remains under pressure on Tuesday October 15; although the tails on the daily candlestick imply dip-buying has featured ahead of the October 3 and year-to-date low at $1,705 per tonne. Momentum indicators have rolled lower. The 20 DMA has crossed below the 40 DMA and the stochastics fast line has turned lower. The RSI has rolled lower also, and currently stands at 44. Further support is seen ahead of the October 3 low at $1,705 per tonne, below which support is seen toward $1,671 per tonne, where a series of lows stand between November 2016 and January 2017. Resistance is seen from the June 17/August 7 double-bottom at $1,745 per tonne. Above this scaled-up resistance is seen from 20, 40, 50 and 100 DMAs between $1,763 and $1,785 per tonne. Long-term DTL resistance from the December 2018 high remains ahead of the 200...

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