MCX Aluminium has given trendline breakout on the one-hour chart

As one can see from the adjacent chart, MCX aluminium has given trendline breakout on the one-hour chart. After taking multiple times support on the horizontal line of Rs120.25, the commodity got some buying interest and made it trade higher. The technical parameters as Relative Strength Index valued 60, Moving Average Convergence Divergence valued +0.08 level and Momentum valued +0.83 indicates bullishness on the counter. One can buy at the current level or on dips till Rs121-Rs.120.80 for upside target of Rs.122.50-Rs.123.50.Trade below Rs120 will negate a bullish view.