Aluminium Upside potential - Technical Chart on 18 Feb 2016

Last month MCX aluminium formed an impulse on the upside, which was followed by a three-wave correction. The correction reached the key daily moving averages and retraced 61.8% of the impulse. From there aluminium started the next leg up. It has crossed the swing high of 105. The daily momentum indicator has started a new cycle on the upside. The weekly momentum indicator is already in bullish mode. From a short-term perspective, the base metal is expected to scale up till 108.30. On the flip side, the 20-day moving average, ie 102.80, will act as a key support on a closing basis.
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