MCX Tips - Intraday Trading In MCX

MCX Tips - Intraday Trading In MCX

MCX Tips - Intraday Trading In MCX

Aluminium-

Aluminium prices traded initially lower for first half of the week and recovered all the losses at the end of the week and finally closed in green. It made a low of 2490 then high of 2585 and settled higher at 2565 levels. Closing of the candle renders bullish trend is still intact. Prices are witnessing immediate trend line resistance at 2590 levels. Only on breach and sustained trade above would lead the prices to trade higher and test 2660 then 2745 levels (previous swing highs). The principle of Fibonacci retracement states that prices are witnessing vital resistance at 2578 levels which is

61.8% retracement of the range 1279-3380 levels. On break and sustained trade above is likely to trade higher. However on the lower side key support level is seen at 2480 levels (previous swing lows). On breach and sustained trade below may limit the gains. The Moving Average principle suggesting upside movements as prices are trading well above the short and medium term EMA's of (8, 21 & 34).The momentum indicator RSI 14 weekly closed at 0.633 levels and showing higher potential. However a mild correction on the lower side may be expected before resuming its uptrend. We expect prices to trade higher and recommend buying at lower levels for the coming week.

COPPER

Copper prices traded lower on last week by continuing the previous trend. It made a high of 9920 then low of 9311 and settled at 9760 levels. It was down by 1% on last week. Closing of the candle renders indecisive movements for the coming week. Prices are witnessing crucial support at 9280 levels (previous swing lows). On sustained trade below is likely to remain higher. Prices are witnessing trend line support at 9400 levels. Only on breach and sustained trade below would limit the gains. Prices are witnessing trend channel formation on the higher side and this time after witnessing the lower trend channel support prices are moving towards northward direction. Prices are hovering within the trend channel from the past

several weeks suggesting range bound movements. The principle of Fibonacci retracement states that prices are witnessing vital support at 9315 levels which is 38.2% retracement of the range (7920-10180) levels. On sustained trade above may lead the prices to witness the origin point of 10180 levels. The Moving Average principle suggesting upside movements as prices are trading well above the short and medium term EMA's of (8, 21 & 34).The momentum indicator RSI 14 weekly closed at 0.664 levels and showing indecisiveness for the coming week. However a mild correction on the lower side may be expected before resuming its uptrend.

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