MCX ALUMINIUM AUG EXPIRY TECHNICAL CALL UPDATE
Mcx aluminium future in last trading session closed at 128.7 with another huge gaining session. In last 3 trading session mcx aluminium prices rallied from 121 low to high over 129+. 8.3 rupee rally in 3 days means almost 7% price appreciation for investors and 41500 rupee per lot profit for traders.
Mcx aluminium future achieved my given august expiry recovery target of 123.1 then bullish positional targets of 125.3 and then 128 in only 2 trading sessions. After breakout above 123.1 we saw sharp buying spree as well as sharp short covering by strong hands. Now above 128, mcx aluminium entered super bullish trend for august series and if sustain above it then expect upside targets up to 130.2 and then 132.9 rupee in next few trading sessions.
Mcx aluminium future on daily chart, showing strong bullish buying candles with strong volumes. Daily chart price trend and momentum now super bullish means expect more short covering rallies ahead if hold 128 rupee support on dilly closing basis. Aluminium chart, RSI is at 68 and heading for 80 levels zone. MACD is strong bullish with bullish crossovers and divergences.
Mcx aluminium future on weekly chart, hit my 2017 investment target of 128.9 once again. Same this level we saw in February 2017 with high of 130.6 at that time. Then correction up to 119 and resumed long term uptrend and hit 128.9 long term bullish target. Above 128.9 rupee, mcx aluminium future my next long term target will be at 141 rupees. Mcx aluminium weekly chart RSI is at 62 with bullish divergences and buy signal while MACD clearly showing bottomed out pattern and large Bull Run for this commodity in long run. On downside 125 and 121 are crucial levels on weekly closing basis and fresh investment entry zones for long term traders.