was going through the charts and working on the next week analysis and potential scenarios as below
Aluminium -
this is the 1 hour chart
so it is clear that this channel is being respected for now and it is making lower highs and lower lows which is typical of a downtrend. but let us zoom in and check further
ok, so we look closely now
- the last low is not lower than the previous low
- the last high is not lower than the previous high
too early to say but yes - kind of downward move stall seems to be setting in.
lol, you guessed it right - i had to go back home to check - ok then - here is the renko 1 hour
remember the clutter zone i mentioned in some earlier post - ok, so now the picture is clear. it is entering into a volatile or in simple words - no fresh trade zone. let us zoom in to check -
ok, so - aluminium is a no trade for me unless it breaks this pattern or gets out of the no fresh trade zone. let Monday opening set the tone and we will see what to do. unless i see a good rejection upward i will be cautious and avoid trading here.