MCX ALUMINIUM AUGUST EXPIRY TECHNICAL CALL UPDATE
MCX ALUMINIUM future today trading at 129.2 with gain. Yesterday we saw high of 130.2 which my first super bullish target above 128 rupee level. Aluminium future Hit our given swing target of 125.3 and then 128 rupees and now hit super bullish target of 130.2. In last 4 trading session mcx aluminium prices rallied from low of 121 rupee to high of 130.2 Almost 9.2 rupee rally in 4 days means almost 7.5% price appreciation for investors and 46k rupee per lot profit for traders.
We saw bearish opening for month of august and aluminium almost touched bearish target as well as support of 120.5 with low near 120.9, then strong recovery rally hit 123.1 and breakout above 123.1 trend change and buy signal for target 125.3 and then 128. Achieved both these target and also hit 130.2 super bullish target now next resistance as well as target zones is around 132.9 and next major target zone for positional aluminium buy call.
Mcx aluminium future on daily chart price trend and momentum are now super bullish and remain buy and accumulate above 128 rupee support zone. Aluminium daily chart, RSI is at 69 and heading higher in overbought position. MACD is with buy signal given at 121 rupee and trending higher with bullish crossovers and divergences.
Mcx aluminium future on weekly chart, hit its 2017 investment target of 128.7 once again, we saw this levels and high of 130.6 in month of February 2017. Above 128.7 on weekly closing basis, mcx aluminium will remain buy and accumulate for target 141.3 and above with long term view. On downside 125.5 and 121 are long term major support for now. Mcx aluminium future weekly chart price trend and momentum both are strong bullish. Aluminium weekly chart RSI is at 62 with bullish divergence and given buy signal at 121 rupees. While MACD is now above zero with fresh long term Bull Run signals.