Aluminium broke above the down trend line at 113.25. This is a bullish sign. This down trend line, currently with an ending point at 112.74, may now provide downside support.
Volume on the day of the breakout was neither extremely heavy nor extremely light--providing no convincing evidence either way as to the validity of the breakout.
The most recently confirmed up trend line for Aluminium has an ending point currently at 108.03. Expect prices to have some difficulty falling below this trend line. A break below this trend line (particularly on heavy volume) would be a bearish sign.
Now what to expect ??
Support at 112.80 and resistance at 115.50
Break and sustain above 115.50 will see upside rally 117--120 and the to 125+ mark in days to come , else could test its support level of 112.80.
Selling can be initiated below 112.80.
Break and sustain below with heavy volumes will take it to 110--108 mark .
No comments:
Post a Comment