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.
Aluminum metal seems in selling zone. Traders can go for short with the stop loss of 162. The Targets seem 161/159.50.
Disclaimer: I just shared my view. Please trade with your own and comfortable ideas.
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...
As per the chart, keep your eyes on the Aluminium-bull resistance line. We may see prices at 143 - 144.6 or above soon.
This rally will stop after breaking out the resistance line . So what's next then? You can take fib levels as targets.
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