MCX ALUMINI JUN view

 

Technical analysis of the MCX ALUMINI JUN contract based on the provided chart and commentary:

🔹 Trade Setup Buy Area: ₹238.20 – ₹238.60

Target: ₹248

Stop Loss: Below ₹232

Duration: 1 Week

📊 Technical View Price Action:

ALUMINI is showing signs of range breakout.

Continued a bullish rally seen in May from ₹228 to ₹245.

After a small correction and consolidation, price is now basing and showing potential to rally again.

Trend Setup:

EMA 21 Crossover: A bullish crossover on the 21-period Exponential Moving Average (EMA) suggests uptrend continuation.

This points to next resistance levels at ₹245 – ₹248.

RSI (Relative Strength Index):

RSI is above 50 (currently around 51.92) — which is a bullish signal.

Indicates momentum is in favor of bulls, suggesting the upmove is likely to sustain.

MACD Histogram:

MACD histogram is showing positive trigger, indicating increasing bullish momentum.

Further price rally towards 245–248 likely before any selling pressure kicks in.

Support & Resistance:

Support: ₹232 (also the Stop Loss)

Resistance: ₹245 – ₹248 (target zone)

📈 Summary View Parameter Value/Interpretation Trend Bullish (short term) Target ₹248 Stop Loss ₹232 Momentum Positive (MACD & RSI support it) Duration 1 Week Setup Type Range breakout + EMA crossover

✅ Strategy: Buy near ₹238.20–238.60 zone with SL of ₹232. Hold for 1-week target of ₹248 as bullish indicators suggest potential for price to revisit earlier resistance zone.