MCX ALUMINIUM TECHNICAL CALL-achieved 123.1 and 125.3 target
now watch for next target
Mcx aluminium august expiry future last closed at 125.5 with almost 4% gains in single session. In last trading session mcx aluminium future opened and hit low at 121.5 while intraday high was 125.65. Total 4 rupee plus intraday rally and strong bullish closing for this base metal future.
My mcx aluminium future outlook was bullish and suggested buy and accumulate for upside targets of 123.1 and then 125.3. Mcx aluminium monstrous short covering rally hit both the targets in single trading session. Mcx aluminium future in last 2 trading session rallied from 121 to 125.65, total 4.65 rupee or almost 4% gains in very short time means also 23250/- rupee profit per lot for buyers. Above 123.1 mcx aluminium future above 123.1 entered into bullish trend and heading for my august expiry, hit my first bullish swing target of 125.3 and now expect next
Positional trading target of 128 if sustain above 125.3 rupee on daily closing basis. On downside mcx aluminium will have support at 123.5 and 123 rupee and these are fresh long entry zones with stop loss.
On daily chart, mcx aluminium future price trend is now strong bullish with bullish price patterns. On indicators side, RSI is at 61 and heading towards 75-80 levels while MACD is now positive with strong bullish divergence suggesting fresh buy signal for this commodity future.
On long term chart, mcx aluminium made fresh bottom around 119 and now heading towards 128-128.9 zone which was my 2017 investment target and we already seen this level in February 2017 with high around 130.6 rupee which was recent record high level for aluminium prices.