Technical: Aluminium MCX - Bull Market Likely

Dated 17/07/2017

ALUMINUM C1 CHART- Bull Market Likely

Historical Chart View

A trend line breakout on the monthly chart can be seen.

The trend line is from the top of 151.45 (May 2006) and 144.20 (July 2008).

The 61.8% projection of 131.5 is crossed.


Therefore expect a rally to 144-151.


The 100% projection target is at 154.


In long term upper channel line can be tested.


Historically, 144-151 has been difficult for Aluminum price to sustain.

Conclusion

Breakout can take aluminum price in a bull market.