Aluminium Sector Strength + Structural Breakout = Long-Term Bullish Setup
National Aluminium (NATIONALUM) continues to show strong momentum, completing a clean Elliott Wave structure with Wave 5 underway on the weekly chart. The stock has broken out of a multi-year resistance structure and is trending strongly with higher highs and higher lows.
Price currently at ₹273.15 with weekly closing strength.
📍 Strong Support Zones
| Support | Description |
|---|---|
| ₹242 – ₹255 | Breakout retest zone & major support |
| ₹200 – ₹175 | Wave 4 demand zone |
| ₹132 – ₹66 | Deep support (unlikely unless full cycle reset) |
As long as ₹242 / ₹200 / ₹175 holds, bullish continuation expected.
🎯 Upside Targets
| Target | Significance |
|---|---|
| ₹316 | Minor resistance |
| ₹350 – ₹391 | Wave 3/4 resistance zone |
| ₹455 – ₹473 – ₹521 | Major Wave 5 projected zone |
| ₹600+ | Extended Wave Projection (if commodity super cycle continues) |
A breakout above ₹291–₹316 could accelerate strong upside.
📈 Technical & Wave Observations
🔹 Completed Wave 4 correction perfectly on structure
🔹 Wave 5 extended pattern forming
🔹 Price maintaining above rising MA supports
🔹 RSI remains strong above 70 – indicates high momentum trend continuation
🔹 Breakout from multi-year channel confirms long-term bullish environment
🧠 My View
As long as price is above ₹255 / ₹242, NATIONALUM looks bullish towards:
₹316 → ₹350–₹391 → ₹455 → ₹473 → ₹521 → ₹600+
Long-term investors may hold / accumulate dips.
Trend traders can watch breakout above ₹291–₹316 for march to higher targets.
⚠️ Risk Management
Below ₹242 – short-term weakness
Below ₹200 – trend slows
Below ₹132 – long-term structure invalid
💬 What do you think?
Will Wave 5 hit ₹455–₹521 soon? Comment “521 Target” if bullish 🔥
📌 Disclaimer
Educational technical analysis only. Not investment advice.
Previous Analyses:
May 17, 2025
Aug 15, 2024
https://in.tradingview.com/chart/NATIONALUM/GkS2j8ZP-National-Aluminium-Company-Ltd-165-09/
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