Slower growth paired with your pick of leading indicators show signs of a global economy needing less aluminum. Supply isn’t in a notable shortfall and consumption isn’t strong enough to warrant such high prices.Commodity prices are likely to come under pressure as monetary policy is tightened around the world.
Malaysia Aluminum Counters have big divergence with Aluminum Futures in the Global Market.
Aluminum Counters submitted a very good growth QR report although MCO 3.0 have been take place since 1st June. But The effect of MCO 3.0 are very minimal. The counters have a very high chance being wrong killing by the despair emotion of MCO 3.0 in the past.
MCX Aluminium has started falling due to Elliott Wave's ABC correction. Expected A is at 100% or 161% retracement of wave 5.
Therefore, it can start rising from here to the level of 164.4 . The day traders can have the advantage of this impulsive ride of B .
According to ABC correction, we may see the Aluminium prices below 161.6 - 159.4 before the weekend.
According to this chart, aluminium is moving flat under the rectangle pattern. The top of this rectangle is the resistance , and the bottom of this rectangle is the support . The trend is making frequent parallel channels between the support and resistance of this rectangle.
At present, aluminium is playing into support trendline (B) . There is a crucial...
Analysis is based on Ascending Triangle .
Going Long on Aluminium if the price closes above the Upper line of triangle(138.5).
Used Fibonnacci Retracement to find levels of resistance, where I have placed targets.
Target 1- 141.55
Target 2- 145.50