EDP1! trade ideas
MCX ALUMINIUM - LOOKING GOOD FOR A SHORT TRADE ?MCX ALUMINIUM is currently trading at 212.
210-215 is a good resistance zone for Aluminium as per price action and longterm charts.
Hence I'm opening short positions in MCX Aluminium Futures at CMP 212.
I will be adding more position if 215 comes & will hold with SL 218.
Targets I'm expecting are 205-202 & beyond.
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
Aluminum is still in redOm Namah Shivay
Aluminum has traded from 93 lifetime low to 325 lifetimes high. Made high during March 2022 before 1.5 years. After 1.5 years, it looks like still negative and has downward targets - only if 204 level is safe and not breached.
From the weekly chart, it is clear that there is significant down trend movement pending for the white metal.
ALUMINUM_LONGAluminum is taking weekly support with RSI reversal. As per technical analysis and expectation in world economy recovery strong demand can come from CHINA . Nearest Gann level is 196-192.52.
Stop loss can be kept at 195.7-195 in MCX and weekly basis AL can touch 205 -215 in one month.
I am not recommending any trade idea through this levels i try to make available some learning purpose ideas here. Please connect your registered advisor for trading.
Head & Shoulders bottom in Aluminium FuturesAluminium 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 follow through on bullish price action along with the base metal.
📊 Aluminium Break out 🎯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. Please do your own analysis before taking any trade on them. We are not SEBI registered.