MCX Aluminum and the road ahead

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 MCX Aluminum 2 hour continuous chart anticipated on 6th November 2022


MCX Aluminum 2 hour continuous chart happened on 2nd December 2022


Analysis

In my previous update on MCX Aluminum I had mentioned that, “MCX Aluminum is positively poised and can move till 215-220 range over short term with support placed at 198 (closing basis).”

The base metal reached my resistance zone of 215-220 levels by marking a high of 216 levels – Anticipated Happened.

To view my previous article on MCX Aluminum, click on the below link

https://www.marketanalysiswithmeghmody.com/2022/11/mcx-aluminum-revisited-and-elliott-wave.html

From the above chart, MCX Aluminum continues to transcend its previous high thereby giving a positive sign. The metal is expected to move towards its next resistance placed at 224 levels over short term. However, RSI is in overbought terrain.

As per wave theory, prices are moving in wave iii which is extended in which wave i is expanding leading diagonal followed by wave ii lower and then it has started wave iii of wave iii which can go till 224 levels

The summation is MCX Aluminum is positively poised and can move towards 224 levels over short term. Any move below 204 will negate the upside move.

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