aluminium forecast for 2 to 6 sep 2013

aluminium daily chart technical analysis

mcx aluminium future last closed at 118.2 with loss.on daily chart after making top at 130 prices slumped suddenly on sharp profit booking.

on daily chart,mcx aluminium trend still up but momentum is down on sharp profit booking.on upside 120 is week average and 126 is clear top and both remain as strong supply zones.on downside 117 is aluminium month average and 112 is 3 month average and both remain as strong supports as well as entry points for bulls.

on indicators,mcx aluminium daily chart cci is +42 and with bearish divergence while rsi is at 57 and comes down from overbought zone.


aluminium weekly chart technical analysis

mcx aluminium this week closed with loss of 1%.this week mcx aluminium future made high near 130 while low was near almost 13 rupee or 10% downside move from top and closed in red at last.

on weekly chart mcx aluminium future trend and momentum both bullish.all major averages are are in 108-109 range but 117-115-113 are intermediate supports on charts.on upside 124 is remain as major supply point.

on indicators,mcx aluminium future weekly chart,cci is +268 and still in overbought zone while rsi is at 59 and showing signs of correction.

aluminium forecast for 2 to 6 sep 2013

for next week,mcx aluminium future may touch 112-115 levels on account of correction.but above 112 on closing basis traders keep buy on dips view for target 117-121 on upside.

from medium to long term view,mcx aluminium above 108 level remain bullish and buy on dips.108-112 zone is better for investment with stoploss below 107 and expect 117-121 on upside.for next 1-2 weeks expect some correction and consolidation.rupee remain key factor here for all commodities.

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Pramod Baviskar

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