Aluminium and Nickel MCX Technical Analysis - May 15



Aluminium
Aluminium - broke the neckline at 120 so the 40 week average is at 118. At the same time the pattern looks like a head and shoulders top which has pattern implications of a move down to 113.




Nickel MCX
Nickel prices developed a positive divergence on the RSI, and wave v of C should be finally complete. After a larger decline in A-B-C, we can expect an X wave, up, meaning a retracement of the fall if not a fresh up trend. A move back to 630-668 maybe possible to start with retracing 38.2% of the entire fall and near the wave iv of C swing high




Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

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