MCX aluminium from the junction of the key daily moving averages and 61.8% retracement of the previous impulse started a fresh rally. In terms of wave structure, the rally is breaking up into lower degree waves. In the last session, it formed a fourth-wave correction. The key support area for the minor degree correction will be Rs.106.50–105.60. Till the time the support area holds aluminium can resume the up trend. The daily momentum indicator is in a bullish mode. From short term perspective, Rs.108.90-109.50 will be the key area on the upside.

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(Disclaimer: The above chart shown is for study purpose only and not for trading decision)

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