Aluminum Aug In Short Term Bullish,Tgt 127/129
CommodityOnline | Aug 05, 2014 01:26AM ET
Prices are now expected to continue the rally towards the upper band of channel at Rs. 127. Hence, we recommend to go long on decline with stop loss below Rs. 120.50.
As per our previous recommendation of going long in MCX Aluminum (Aug), our target has been achieved. MCX Aluminum prices are trading in a primary up trend indicated by higher tops higher bottoms. Prices on daily chart as shown above(continuous chart) are trading in an upward slopping trend channel. Prices are now expected to continue the rally towards the upper band of channel at Rs. 127. Hence, we recommend to go long on decline with stop loss below Rs. 120.50.
Also, the 14-period RSI is trading above 50 mark indicating bullish momentum for the prices. We advice to go long on MCX Aluminum on decline for the target of Rs. 127.
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