Aluminium weekly-reversal targets 119.2 and 120.5

Mcx aluminium outlook for next week 12 to 16 Dec. 2016

Mcx aluminium outlook for next week 12 to 16 Dec. 2016

Mcx aluminium future this week closed at 117.95 with gain. Aluminium prices after last week’s profit booking hit low around 115.4 but recovered on fresh buying on lower levels.   From month view, aluminium price closed exactly at pivot support of 117.95. Below this level my month swing target is at 113.3 and we already saw low of 115.4 in this week. But current price pattern as well as indicators suggesting strong reversal and aluminium might sustain above 171.95 and heads for 122.4.  

For next week, mcx aluminium future remain buy above 117.3 and my targets are 119.2 and then 120.5.

  Mcx aluminium weekly chart is bearish and with topped out patterns. If breakout above 120 and sustain for 1-2 weeks then next long term target will 139.  

Aluminium long term target was 120 which already achieved and now expect correction up to 106.5 in long term.

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Pramod Baviskar

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