The commodity primary trend is positive and the downside move as said earlier this is the secondary move which is seen in the commodity. After a good upside move the commodity corrected near by 0.382% of the upside move. In the whole downside move the buyers were not so interested to buy the commodity as the commodity corrected till 0.236% the buyer showed some interest in the commodity which was seen by some consolidation. After the consolidation a trap was built for the seller by the buyer, after 2 days the buyer came into action and has led the commodity and has outperformed the seller. The Commodity has crossed the trendline in previous closing with buyer in control which is suggesting a good buying opportunity, a moderate trader can wait for one more day to close above the trendline, risky trader can buy at cmp.

The RSI has given a breakout which is giving a strong support to the move.

The MACD is near its all time low from where the commodity has bounced back previously using this level as a threshold buying can be done.

ALUMINIUM

Nov 13 2021