Type : Bearish Drop
Resistance : 224.00
Pivot: 217.75
Support : 208.80
Preferred Case: On the H1, price is moving below the ichimoku cloud and along the descending trendline which supports our bearish bias that price will rise and drop from our pivot at 217.75 in line with the overlap resistance, 23.6% fibonacci retracement , 78.6% fibonacci projection and 50%...
Type : Bearish Drop
Resistance : 224.00
Pivot: 217.75
Support : 208.80
Preferred Case: On the H1, price is moving below the ichimoku cloud and along the descending trendline which supports our bearish bias that price will rise and drop from our pivot at 217.75 in line with the overlap resistance, 23.6% fibonacci retracement, 78.6% fibonacci projection and 50%...
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.
Currently, It...
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.
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.
