Base Metal Quant Analysis: 12/Feb/19

Aluminium daily chart has formed “Megaphone chart” pattern. The last few sessions ended up in bearish trend after retesting an interim trend line inside the channel. The market is expected to continue on the bearish trend on the current price action, once the same breaks below a key support holding at 132. The downside rally could be testing all the way through 130-129 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 134-138 levels. key resistance holds at 138.