Aluminium forecast 28 April to 2 May 2014

Aluminium forecast 28 April to 2 May 2014 

Aluminium daily chart technical analysis

MCX aluminium future on last trading session closed at 110.4 with loss of almost 2%. On daily chart, aluminium future, price trend and momentum both are bullish but as prices hit overbought zone we had seen sharp profit booking in last session. From short-term view, aluminium support zones are 109.8 and 108 rupees while on upside 112.2 and 114 are strong resistances. 109.8 is 1-month average level while 108 is 3-month average level. Indicators are coming off from highs suggesting correction may continue ahead.

Next week expect this correction to take support at 108 if not then we may see lower levels up to 106-104 once again.

Aluminium weekly chart technical analysis

MCX aluminium future this week closed with half a percent loss. This week aluminium future hit high at 114 while low was near 110. Total 4 rupees or 3% weekly swing in prices and closed with loss. Weekly chart price trend and momentum both are strong and price after breakout now cooling off and testing averages support.

From medium to long-term view, aluminium future, support zones are 108 and 105. 108 is major average crossover zone and 105 was previous swing bottom. On upside 113 and 115.5 are strong supply zones on weekly chart from where we have seen reversal in this week. Weekly chart indicators pattern are mixed.

Investors above 108 can keep accumulation strategy for target 113 to 115.5 in longer terms.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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