Aluminium forecast 9 to 13 June 2014
Aluminium daily chart technical analysis
Aluminium future on last trading session closed at 109.8 with gain. On daily chart, aluminium future, price trend and momentum both are bullish. Aluminium is trading above all short-term averages with bullish indicator patterns. For next week, aluminium future support zones are 108 and 107 rupees. 107 rupee is aluminium future 1 and 3-month average and strong short-term support level. On upside 111 and 114 rupees are strong resistances and targets zones for next week. Traders above 107 rupee keep buy on dips view for targets 111 and then 114.
Aluminium weekly chart technical analysis
Aluminium future this week closed with gains of 2%. This was third gaining week for aluminium future and in these 3 weeks period prices are rallied from 102 to 110 rupees. Total 8% gains in last 3 weeks period. This week aluminium future hit high around 110.05 while low was at 107.6. Total 3-rupee range or almost 3% volatility and closed with gain. This week aluminium future had given breakout above major long-term averages and changed trend to long side on weekly chart. From medium to long-term view, 107 is major average zone and first support on weekly chart and below it, 104 will be next support. On upside 114 and 117 are strong resistances as well as targets for upcoming weeks.
Investors above 107 keep buy and accumulate view.