Aluminium daily chart technical analysis
Mcx aluminium on last trading session closed at 103.2 with gain. On daily chart aluminium, future trend and momentum both are bearish. Aluminium is trading below month and 3-month average with recovery patterns on indicators.
For next week, aluminium future support zones are 102 and 100 while on upside 104.5 is 1-month average and first resistance level. Above it 106 is 3-month average and next major resistance. Daily chart indicators are off the lows and forming bullish recovery patterns. Traders here can expect technical bounce back up to 105-106 in next week.
Aluminium weekly chart technical analysis
Mcx aluminium this week closed flat positive. After last 3 weeks negative gains this week was flat and positive suggesting reversal. Weekly chart price trend and momentum both are down.
From medium to long-term view, mcx aluminium future major supports are 100 and 96 while on upside 108 is major averages zone and first resistance on weekly closing basis. Above it, 110.5 will be next resistance. Weekly chart indicators patterns are bearish suggesting downside ahead.
Investors below 108 stay short or stay away and expect downside level of 100 and below.