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Aluminium near strong support

From the low of 96.65 MCX Aluminium did a multi-month rally. The rally turned out to be a three-wave rise where the third leg almost achieved 1.618 times the equality of the first leg. The base metal hit the long-term falling trendline and suffered a near vertical fall. From there aluminium has fallen sharply. It has reached near the edium-term rising trendline. Unless the trendline (108.50) is broken on a closing basis, the commodity can go for a short-term bounce. The daily momentum indicator has given a buy signal and is in line with the expected bounce. The key levels on the upside are 113 and 115.

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