At the time of our last technical analysis on April 10, 2014, prices were rising quickly and approaching $1,900/t. We stated it looked likely that the LME 3-month aluminum price would hit resistance relatively soon and start to decline, as $1,900/t was a significant level of resistance which could push prices lower. We expected a downward move would test $1,840/t, as it was a major level of resistance in the short-term daily charts, and that a sustained downward move could take prices down to $1,750/t over the next month.
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