Aluminium futures on MCX have broken out from head and shoulders bottom formation. The base metal futures have also completed retracement and continuation waves. The price action is bullish and seems to be heading toward measured move target of 250.
Further, if the trade on Aluminium futures is bullish, we believe National Aluminium (NSE: NATIONALUM) should...
MCX:ALUMINIUM1!
#MCX:ALUMINIUM1 trading bullish and near to resistance level,
BO sustainability may give good upside momentum.
Potential levels marked on chart !!
Happy LEarning.
MCX:ALUMINIUM1!
Everything mentioned chart ones get breakout, one can enter as per their trade setup. Target already mentioned and that is trailing basis, stop loss recent swing low.
******whatever charts or levels sharing here or on any other platforms are just for educational purpose only, Not A Recommendation To Buy Or Sell....
A Descending triangle is about break in Aluminium SEP FUT. A good 10 Point profit can be booked if breaks downside. I'm bearish about the aluminium but Entry point must be decided only after breakout
Target 1+ points
Please consider the main support & resistance levels. Trade with stop loss.
*Disclaimer: I just shares my view. Please trade with your own and comfortable ideas.
According to EWT, the 5th wave has been almost completed. The ABC correction will start soon. As mentioned in the chart, MCX aluminium will start collapsing for the target price of 176 - 172 - 168 - 162 soon.
At present, if we see for intraday traders, then it's upward. Aluminium will touch 184 - 186 levels, and then ABC correction will start.
Why now might be a good time to buy aluminium...
According to this chart, MCX Aluminium can fly from here if it does not close below 176.4 levels.
Targets: 178.6 - 179.6
Short-term targets: 180 - 181.6+
But, if it closes below 176.4 levels, then this call will deactivate. And it will start collapsing for the levels of 174 - 172 from there.
Aluminium Long- Awaiting entry (If long entered - will be cancelling the short trade - previous idea published)
Entry around 173.2-173.25
TGT1: 174.5
TGT2: 175.65
SL: 172.75 (0.5 Points)
Aluminium Short opportunity developing - Still trade not active - once confirmed I will enter around the said entry.
Short Entry: 172.75
SL: 173.25 (0.5Points)
TGT: 169.75 (3 Points)
MCX Aluminium is moving sharply. Its range is 21 to 23 bars or a month. It can fall back up to the support trendline ( TP: 159 - 156 ).
According to this chart, aluminum will not stop here. It is further advance up to 168 - 172 - 176 levels.
At present, MCX aluminium playing on support trendline and drilling upward. Its volume is spiking 2X compares to average volume. Each spike is turning the existing trend. And moving average has tried to cross 50 MA with 20 MA but failed. That indicates continue uptrend ahead.
According to ADX & Fib retracement, the bullish trend will start after a crossover...
