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Technical Analysis
Doji Candle in Aluminium in weekly chart, know about doji
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10 November, 2014, 6:29 PM
Aluminum settled at 127 up by 0.70 for the week, that is minor in commodity market. Aluminum has formed a doji candlestick pattern {About the DOJI candlestick pattern: The Doji is a very strong reversal candlestick pattern where the opening and closing prices of the stock are the same (or almost the same). Doji candlestick should in the top of the trend or in the bottom of the trend. The doji criteria: no body or minor body in the candlestick, higher volume on the Doji confirm the chances that market is going to reverse.} forming double top at 129 on weekly chart. Prices have been staying above 10 weeks SMA and also facing resistance near 129 zones. 10 weeks SMA is above 20 weeks SMA and 20 weeks SMA is above 50 weeks SMA that keeps a primary bullish trend in place. Metal has reversed nicely after 40% correction of prior bullish move from 101.25 to 129.
Aluminium trading range for the week is expected among the key support at 120 and resistance at 131.
Recommendation:
· This week selling aluminum on jumps around 127.8-128.20 with stop loss above 129.10 for targeting 126-124-122 and more downside.
· Buying above 129.10 with stop loss below 127 for targeting 131-133-135 and more upside might be appropriate.
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