A big base for Century Aluminum (CENX)?

We received a question on Century Aluminum (CENX).

Century Aluminum (CENX): Big base breakout potential

CENX is approaching a key inflection zone, with a decisive move above 30.36–31.75 (chart resistance and the 38.2% retracement) poised to confirm a 17-year big base breakout. Such a breakout would establish upside potential toward 40.80 (50% retracement), 50.17 (61.8% retracement), and 57 (pattern count). Until that occurs, holding above support at 25.39–24.98 keeps the base structure constructive. For added confirmation, we would also look for relative strength to break above its downtrend line from 2018 versus the S&P 500, reinforcing the bullish technical setup.

Chart 1: Century Aluminum (CENX) (top) and relative to the S&P 500 (bottom)