The Price and Volume Behavior of National Aluminum Share Prices is quite interesting from last couple of days. Since from the Beginning of 2022, we can notice that Buying Pressure is on a stronger foothold, as a result we can witness a strong upswing from 98 to 112, which is almost a 14% gain in the Stock prices within a few days.
To put it precisely, National Aluminum Stock Prices are trading in an Upward Range or Upward Channel. We can clearly notice the Structure on 2h, as well as 4h Timeframe. Take a look at the Price Action Analysis on 2h Chart.
National Aluminum Stock Prices on 2h Chart
From the Beginning of 2022, we can notice that Buying Pressure is strong, as a result we can witness a strong upswing from 98 to 112, which is almost a 14% gain in the Stock prices, within a period of few days.
Right now, Prices are trading around the Important Parallel Resistance zone at 112 – 114. The Parallel Support zone is around 102 – 104. Price Action must clearly breakout and retest either one of these zones to make a sharp movement on either side. There are some possibilities of False Breakout, so better watch out for that as well.
Even the Volume is steadily increasing since from the beginning of this Year. It’s an Indication of increasing order flow in Stock Prices.
Traders should keep an eye on the Upward Range and must focus on taking positions based on the market behavior at Parallel Support and Resistance zone. Avoid taking positions in the middle of the Range. Have a strict risk management if you’re planning to trade this Stock.