Aluminium weekly tips 14 to 18 April 2014
Aluminium daily chart technical analysis
Mcx aluminium on last trading session closed at 112.05 with loss. On daily chart, aluminium future, price trend and momentum both are bullish. Aluminium is trading above short term averages with overbought indicators on daily chart.
For next week, aluminium future support zones are 110.5 is week average and first support zone and below it 107 is 1 month and 3 month average and next major support zone. On indicators side, RSI is at 62 and with bullish divergence while CCI is +225 and overbought.
Traders above 107 use correction to go long with stop loss for targets 112-115.
Aluminium weekly chart technical analysis
Mcx aluminium this week closed with almost 4% gains. This week aluminium future high was at 113.5 while low was at 107.4. Total 6 rupee or 5% weekly swing and closed with huge gain in second successive week. In last 2 weeks aluminium future rallied from 103 to 113. Weekly chart, aluminium price trend and momentum both are bullish.
From medium to long-term view, aluminium support zones are now 108 and 105. 108 is major average crossover zone and 105 is previous swing low. While on upside 114 and 116.5 are resistances. Weekly chart indicators are bullish divergence.
Investors above 108 keep long view for targets 114-116.5.