Aluminum Heading North

Adjacent chart shows price movement of MCX Aluminum continuous contract. It is trading in a rising channel. In Tuesday’s trading session, Aluminum formed “bullish engulfing” candlestick pattern which has bullish implication in the short term. In the near term, the zone of 137 – 136 will act as strong support on the way down. On the way up, it is likely to inch higher towards 141.40 – 144 in the coming trading sessions. The daily momentum indicator is in positive mode.
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