Aluminium set for a target of 143 plus
Aluminium was trading strong in the last session. 138 levels were acting as strong resistance for the commodity. Last session these levels were taken out very strongly. Now it is expected, these levels now act as support. The metal is all set to test 143 levels (see chart above). Probable entry points are any retracement above 138 levels. There is a minor resistance at 140.50 levels, above which the metal should move steadily move towards the 143 targets.
Extending the analysis further, it seems a descending triangle formation is noticed. This is just a probability picture we are drawing (refer the chart below). The overall technical picture remains bullish as of now.
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