NATIONALUM – Multi-Year Breakout | Wave 5 in Progress

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 🔥

Previous Analyses:
May 17, 2025

Aug 15, 2024

📌 Disclaimer
Educational technical analysis only. Not investment advice.