Aluminium forecast for week 21 to 25 April
Aluminium daily chart technical analysis
Aluminium future on last trading session closed at 111 with loss. On daily chart, aluminium price trend and momentum both are bullish. Aluminium is trading above short term averages with bullish overbought indicators. From short term view, 109 is first support level of 1month average while 107 will be next support level on daily chart, which is also its 3 month average level. Daily chart RSI is at 58 with bullish divergence while CCI is +158 and hovering near overbought zone.
For next week above 107, keep buy on dips view. On upside 113 and 115.5 are strong resistances as well as targets.
Aluminium weekly chart technical analysis
Aluminium future this week closed with loss of 1%. This week aluminium future hit high at 112.6 while low was at 109.6. Total 3 rupee range or 2.5% weekly swing and closed with loss on profit booking.
From medium to long term view, 108 is first support zones on chart which is also 6,12 and 24 months averages crossover area and below it 105 will be next major support on weekly closing basis. On upside 115.5 and 121 are strong resistances as well as targets if uptrend persists.
Weekly chart RSI is 52 with bullish divergences and CCI is +52 and with bullish signals.
Investors above 108 keep buy and accumulate strategy for aluminium future and expect first target of 115.5 in upcoming weeks.