- The overall trend appears to be transitioning from a downtrend into a new uptrend.
- Current Price Position: The price is currently testing the upper Bollinger Band, which suggests increased volatility. If the price continues to close near or above this upper band, it could indicate strong bullish pressure. However, if the price gets rejected at the band, it could indicate a pullback.
- Support Levels: The 20-day moving average (middle Bollinger Band), which is currently acting as support, lies around INR230.
- Resistance Levels: The recent high near the upper Bollinger Band, around INR241, is acting as short-term resistance. A breakout above this could push prices towards higher levels.
- The volume bars show higher buying interest during recent bullish candles, indicating that buyers are stepping in to support the upward movement.
- Bullish Candles: Recent large bullish candlesticks suggest strong buying pressure. Look out for a close above the recent high (INR241.85) for further confirmation of the trend.
- Short-Term Outlook: Aluminium Futures are showing bullish momentum in the short term. A break above the current resistance at INR241 could lead to further gains.
- Potential Pullback: Watch for any rejection near the upper Bollinger Band for signs of a pullback, possibly towards INR230.
- Long-Term Outlook: As long as the price remains above key support levels and moving averages, the medium- to long-term trend is bullish.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
➀➁➂➃➄
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.