Aluminium weekly outlook 7 to 11 April 2014
Aluminium daily chart technical analysis
MCX ALUMINIUM on last trading session closed at 108 rupees with loss. Daily chart ALUMINIUM price trend and momentum both are bullish. Prices are trading above major average with bullish indicators patterns.
For next week, ALUMINIUM support zones are 106, which is its 3-month average, and 105.5, which is its 1-month average. On upside 110.5 and 112 are resistances for ALUMINIUM.
On indicators and oscillators, CCI is +111 and with bullish divergence. RSI is 55 and above 50 with bullish divergence.
Traders above 106 keep long view for ALUMINIUM future and keep targets at 110.5 and above with strict stop loss below 106.
Aluminium weekly chart technical analysis
MCX ALUMINIUM future this week closed with almost 5% gains. As expected short covering triggered from oversold as well as historic lows and now prices are back to averages.
This week aluminium future hit high at 110.35 while low was at 102.85. Total 8 rupee or 7% weekly range and closed with gains. A morning star pattern is formed on chart and suggest breakout ahead.
From medium to long-term view, 105 and 101 are support zones of previous swing lows and on upside 109 and 114 are resistances as well as targets for aluminium future.
On indicators and oscillators, RSI is at 49, at breakout point while CCI is -20, and with rounding bottom.
Investors here use 104-107 zones for long accumulation with strict stop loss below 101 and for targets 109-114 in medium to long terms. Weak rupee might help prices to gain momentum ahead.