MCX ALUMINIUM hit given targets 125.3-128-130.2 and 134
MCX ALUMINIUM august expiry future closed at 133.2 with 3% plus gains. Today we saw ALUMINIUM opening at 129.7 and then strong super bullish rally up to my last target of 134 rupee. we already saw MCX ALUMINIUM future achieved bullish target of 125.3 and then 128 rupee and above it entered super bullish trend and hi 130.2 target and today done 134 rupee target for this series. If sustain above 134 then expect upside sharp short covering rally up to 141+ rupee.
MCX ALUMINIUM future on daily chart, is in super bullish trend and momentum. Price are trading way above major short term average. On daily chart, ALUMINIUM future support zones are 132.9, 130.2 and then 128. Daily chart RSI is at 70+ with bullish divergence but higher overbought so expect correction in medium to long terms and downside support testing. Daily chart MACD is above zero and showing early topped out patterns. ALUMINIUM prices rallied with great momentum but when correction will came it will came with same speed and momentum so long traders must stay cautious now and keep strict trailing stop loss in place.
MCX ALUMINIUM future on weekly chart looking strong bullish and hit fresh weekly high of 134.2. In these 2 weeks’ time frame ALUMINIUM prices rallied from low of 121.5 to high above 134 means almost 13 rupee or almost 11% gains or 65,000 rupee per lots profit for long traders. ALUMINIUM future weekly chart price trend and momentum both are bullish. On weekly chart, MCX ALUMINIUM 5 weeks EMA is at 127.5 and that will be first target of deep correction. Below it 124.2 and 120.5 are next support zones as well as target levels on correction. On upside 135 and 141 are long term resistances as well as target zones if rally continues.
From long term view, ALUMINIUM hit 128.7 investment target in February 2017 and then given slow and steady correction up to 119 and after that strong reversal rally hit 128.7 again and trading above it for next long term target of 141 rupees.