Aluminium is trading near its support range of 210—200. We have seen a vertical crash in Aluminium from 325 to 202.25 in less than 4 months. Aluminium bounced back sharply again from the previous low of 201.50.
Have a look at technical levels
Aluminium has major support of 200. Further downside panic we will see on a close below 200 levels only or else it could retest the resistance level of 216 again.
A decisive close above 216 will take Aluminium further till 230 and then to 249 levels which are 23.6% and 38.2% Fibonacci retracement levels as shown in the figure. The rising trend line also shows major support for the commodity.
After a steep fall, the commodity is trading at lower levels. Here, we recommend our traders can subscribers to take a risk and buy in panic around 206 with stop loss below 200 on a closing basis for the initial upside rally till 216 and then to 230—249.
Moreover, the daily RSI is also trading at 44.00. It also rises from the 2nd bottom and shows strength on the chart.
This commodity is also trading above its short-term downtrend line which indicates that a breakout has already happened.
Our positive view turns negative or sluggish if it breaches the support level of 200 on a weekly closing basis.
More on it… If anything seems then surely we will update our subscribers and on our website.
What’s View on Gold and Silver???
Soon we will update on it!!
