months, this metal was trading sideways between the ranges of 118 - 131. In the recent past, the break out at the level
The Technical chart of Aluminum is seen forming a Bullish Break out. From past 6 months, this metal was trading sideways between the ranges of 118 - 131. In the recent past, the break out at the level of 131 was clearly seen in the chart. Later on, aluminum again consolidated at the levels of 128 - 129. The level 128 being a Fibonacci support range, has maintained a strong support level for the metal. It has also given a Break out at the level of 131 and pulled up to the level of 134.9 which is now acting as a minor resistance, which is again confirmed as per the Fibonacci Extension tool. As Aluminum is making higher low at all the levels, this trend is set to shoot up to the level of 145 in the coming weeks. This trend is also supported with the MACD indicator. MACD being above the average line and also long term mean line has given a cross over on short term mean. This shows that trend is set to shoot up. RSI indicator has maintained at the range of 60 - 65, which further conforms the upside move and trend is all set for another upside rally in the coming weeks. All the above factors confirm that in the coming weeks, Aluminum is expected to touch the levels of 145.
