Mcx aluminium December expiry future, this week closed at 101.7 with gain. This was second weekly gains for this base metal. Aluminium future is now at its 20 weeks averages level and heading towards 50 and 100 weeks averages. Which are now at 107 and 112.
For next week, aluminium future might continue long-term recovery after small correction. On the downside, 98 and 96 support zones for next week and these are also fresh entry zones for traders. On the upside, 104 and 107 are resistances as well as target zones. 107 will be ultimate target zones for this inverse head and shoulder pattern on daily chart. Mcx aluminium monthly chart also suggesting 107 targets on the upside.