Adam Smith Associates - Aluminium prices moving northward


Aluminium prices surpassed the December high to a new 52 week high this week. The 20 week average [red line] held as support, and the weekly momentum in the upper end of the chart went back into buy mode. All the moves last year were corrective and were therefore indicating the move up was corrective. That entire pattern is taken as a triangle that ends in wave E. Only from there do we start a new impulse wave up. Now we are starting a third wave that can go up to 135 in the next wave based on Fibonacci projections
Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article is 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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