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

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January 2019 | Base Metals

Technical analysis: Uptrends continuing

Technical configurations for the base metals mostly look positive at the moment, though resistance levels will need to be overcome to maintain the uptrends.

In last week’s report we noted that the LME aluminium price had risen to target the 50 DMA. It is still toying with this level, which is now at $1,904 per tonne, from $1,910 per tonne this time last week. Indeed, the price managed to eke out a higher high on Friday, January 25, with its latest attempt to trade above the 50 DMA. That said, it found fresh overhead selling there from the upper channel of what could be another bear-flag. Still, the series of higher lows and highs is a positive technical development and any consolidation from recent gains should be deemed part of the process to maintain the current uptrend. The daily RSI and stochastic lines are still bullish and that should give buyers that extra edge for now. 



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