ALUMINIUM WEEKLY-correction towards support zones 130-128-125

MCX ALUMINIUM TIPS for 28 Aug. to 1 Sep. week 2017

Mcx aluminium future this week closed at 131.3 with loss. This was first losing week for aluminium prices after last 2 weeks Bull Run. This week mcx aluminium future hit high around 134.6 and low was at 130.8. Total 4 rupee weekly range and bearish closing on profit booking.

Mcx aluminium weekly chart, price trend and momentum are strong bullish but prices are trading way above major averages which strong bullish momentum. On downside 128.3 is 5 weeks average, 124.7 is 20 weeks average and 120.9 is 50 weeks average level and major support zone. Weekly chart RSI is at 65 and with bullish divergence and MACD is above zero with buy signal.

 

For august 2017, mcx aluminium future opened weak and was heading lower towards support of 120.4 but daily chart indicators are oversold and forming early bottoming out patterns while price patterns are bearish. Mcx aluminium taken support just above it and strong reversal rally hit reversal target of 123.1 and then with bullish breakout hit my swing targets 125.3 and 128 and then super bullish breakout hit upside target 130.2 and 134 rupees and now coming off from the highs on profit booking.

For next week, Mcx aluminium price below 134 remain sell on rise for downside. On downside 130.2, 128 and 125 are major support areas on daily chart as well as target zone for correction move and we saw low of 130.8 this week. If gives reversal and breakout above 134 then expect same another sharp short covering rally up to 141 rupee.

Mcx aluminium daily chart price trend and momentum both are super bullish but prices are topped out and formed correction rounding top. On daily chart, aluminium prices now below 5 days average level of 132.2 rupee. Below it next average support zones will be 129.2 which is 20 days average level and 126.2 which is 50 days average zone. Aluminium RSI is at 59 and with sell signal. MACD is at 2.5 with strong bullish crossover pattern and divergences and suggesting topped out scenario.

From long term view, mcx aluminum future hit its 2017 investment target of 128.9 and then given correction up to 119 rupee then reversal move hit 128.9 long term bullish target once again. Above 128.9 if holds then, next long term target will be around 141.3 and aluminium prices are heading towards them.

In last 7 months, mcx aluminium given 3 positive closing while 4 negative closing and august was big month in which we saw 13 rupee rally from bottom to top and covered all correction and consolidation of last 6 months in single candle.

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Pramod Baviskar

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