Aluminium Sector Strength + Structural Breakout = Long-Term Bullish Setup
National Aluminium (NATIONALUM) continues to show strong momentum, completing a clean Elliott Wave structure with Wave 5 underway on the weekly chart. The stock has broken out of a multi-year resistance structure and is trending strongly with higher highs and higher lows.
Price currently at ₹273.15 with weekly closing strength.
📍 Strong Support Zones
Support - Description
₹242 – ₹255 - Breakout retest zone & major support
₹200 – ₹175 - Wave 4 demand zone
₹132 – ₹66 - Deep support (unlikely unless full cycle reset)
As long as ₹242 / ₹200 / ₹175 holds, bullish continuation expected.
🎯 Upside Targets
Target - Significance
₹316 - Minor resistance
₹350 – ₹391 - Wave 3/4 resistance zone
₹455 – ₹473 – ₹521 - Major Wave 5 projected zone
₹600+ - Extended Wave Projection (if commodity super cycle continues)
A breakout above ₹291–₹316 could accelerate strong upside.
📈 Technical & Wave Observations
🔹 Completed Wave 4 correction perfectly on structure
🔹 Wave 5 extended pattern forming
🔹 Price maintaining above rising MA supports
🔹 RSI remains strong above 70 – indicates high momentum trend continuation
🔹 Breakout from multi-year channel confirms long-term bullish environment
🧠 My View
As long as price is above ₹255 / ₹242, NATIONALUM looks bullish towards:
₹316 → ₹350–₹391 → ₹455 → ₹473 → ₹521 → ₹600+
Long-term investors may hold / accumulate dips.
Trend traders can watch breakout above ₹291–₹316 for march to higher targets.
⚠️ Risk Management
Below ₹242 – short-term weakness
Below ₹200 – trend slows
Below ₹132 – long-term structure invalid
💬 What do you think?
Will Wave 5 hit ₹455–₹521 soon? Comment “521 Target” if bullish 🔥
Previous Analyses:
May 17, 2025
Aug 15, 2024
📌 Disclaimer
Educational technical analysis only. Not investment advice.
National Aluminium (NATIONALUM) continues to show strong momentum, completing a clean Elliott Wave structure with Wave 5 underway on the weekly chart. The stock has broken out of a multi-year resistance structure and is trending strongly with higher highs and higher lows.
Price currently at ₹273.15 with weekly closing strength.
📍 Strong Support Zones
Support - Description
₹242 – ₹255 - Breakout retest zone & major support
₹200 – ₹175 - Wave 4 demand zone
₹132 – ₹66 - Deep support (unlikely unless full cycle reset)
As long as ₹242 / ₹200 / ₹175 holds, bullish continuation expected.
🎯 Upside Targets
Target - Significance
₹316 - Minor resistance
₹350 – ₹391 - Wave 3/4 resistance zone
₹455 – ₹473 – ₹521 - Major Wave 5 projected zone
₹600+ - Extended Wave Projection (if commodity super cycle continues)
A breakout above ₹291–₹316 could accelerate strong upside.
📈 Technical & Wave Observations
🔹 Completed Wave 4 correction perfectly on structure
🔹 Wave 5 extended pattern forming
🔹 Price maintaining above rising MA supports
🔹 RSI remains strong above 70 – indicates high momentum trend continuation
🔹 Breakout from multi-year channel confirms long-term bullish environment
🧠 My View
As long as price is above ₹255 / ₹242, NATIONALUM looks bullish towards:
₹316 → ₹350–₹391 → ₹455 → ₹473 → ₹521 → ₹600+
Long-term investors may hold / accumulate dips.
Trend traders can watch breakout above ₹291–₹316 for march to higher targets.
⚠️ Risk Management
Below ₹242 – short-term weakness
Below ₹200 – trend slows
Below ₹132 – long-term structure invalid
💬 What do you think?
Will Wave 5 hit ₹455–₹521 soon? Comment “521 Target” if bullish 🔥
Previous Analyses:
May 17, 2025
Aug 15, 2024
📌 Disclaimer
Educational technical analysis only. Not investment advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.