aluminium forecast for next week 3 to 7 jun 2013

aluminium forecast for next week 3 to 7 jun 2013

 

aluminium daily chart technical analysis

mcx aluminium future on last trading session closed at 106.7 with gains.on daily chart now mcx aluminium future trend and momentum strong bullish.

on chart aluminium trading above all short term averages.on downside 105 is first support and week average.while 103 is 3 month average and major strong support.102.5 is month average and last support on daily chart.while on upside 110 and 113 are resistance zones on daily chart.

on indicators mcx aluminium cci is overbought while rsi is still with bullish divergence.as cci is overbought expect some correction and consolidation ahead.

aluminium weekly chart technical analysis

mcx aluminium future this week given sharp rally and closed with gains of almost 6%.this week mcx aluminium future low was 100.75 while high was 107.1.total 6+ rupee range and closing near resistances.

on weekly chart,mcx aluminium 12 and 24 month averages are 107 and remain as resistance on weekly closing basis on downside 105 is 6 month average and last support on weekly chart.on deep downside 100 is major support level from historic view.

on indicators momentum clearly on bulls side.and in upcoming period we may see momentum to continue if close above 107.

aluminium forecast for next week 3 to 7 jun 2013

for next week,overall strategy remain buy on dips and keep stoploss below 103 on closing basis and expect 110-113 levels in short time.below 103 trend will change on bear side.as indicators on daily chart seems to overbought expect some correction and consolidation in next week.

from medium to long term view,107 is crucial resistance and if closed above it on weekly basis then long term trend become bullish and investors can enter long for 113-117 targets here.but as trading below it keep wait and watch strategy for now.

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Pramod Baviskar

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