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.


Shubhlaxmi Commodity is a Free portal where you are provided all market such as Commodity stocks futures and Currency Like USD To INR and internatinol live market prices and live charts and Free support and resistance level

Post A Comment: