Mcx aluminium future this week closed at 135.85 with gain. This was first gaining week for aluminium prices after week’s corrective retracement. This week mcx aluminium future hit high around 136.55 and low was at 130.7. Total almost 6 rupee weekly range and strong closing on fresh buying as well as short covering.
Mcx aluminium weekly chart, price trend and momentum are strong bullish but prices are trading way above major averages which strong bullish momentum. On downside 130.8 is 5 weeks average, 125.75 is 20 weeks average and 121.5 is 50 weeks average level and major long term support zone. Weekly chart RSI is at 71 and entered overbought zone with buy signal given at 121 rupee level and MACD is at 2.55 with buy signal given at 122 rupees.
For month of September, Mcx aluminium price above 130.6 will remain buy and accumulate. On upside 140 and then 145 are resistance zones as well as target levels.
Mcx aluminium daily chart price trend and momentum both are bullish and prices resumed uptrend after correction up to 131 rupee. On daily chart, aluminium prices now above 5 days average level of 134.2 rupee. Below it next average support zones will be 131 which is 20 days average level and 127.7 which is 50 days average zone. Aluminium RSI is at 70 and with buy signal given at 132 rupee level. MACD is at 2.59 with bullish crossover and fresh rally signals.
From long term view, mcx aluminum future hit its 2017 investment target of 128.9 and then given correction up to 119 rupee then reversal move hit 128.9 long term bullish target once again. Above 128.9 if holds then, next long term target will be around 141.3 and aluminium prices are heading towards them. And we saw high of 136.55 in this week.
In last 7 months, mcx aluminium given 3 positive closing while 4 negative closing and august was big month in which we saw 15 rupee rally from bottom to top and covered all correction and consolidation of last 6 months in single candle. September also opened on bullish note and follow up buying taking prices towards 140-141 rupee levels.