Aluminum nearing the trendline

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 has 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. The daily momentum indicator that was showing a negative divergence triggered a sell signal from an overbought territory. Thus, the high of 130 becomes a strong resistance from a medium-term perspective. From there aluminum has fallen sharply. Unless it crosses the swing high of 112.70, it can stretch further till the mediumterm rising trendline, ie 108. At that level one can look for buying the commodity from a short-term perspective.


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