aluminium forecasts for 27 to 31 may 2013

aluminium daily chart technical analysis

mcx aluminium future last closed at 101.15 with loss.on daily chart mcx aluminium future now trading below almost all 3 short term averages.tried to breakout but failed and now trending towards previous lows?

on chart 101.2 is mcx aluminium week average,101.3 is month average and 103 is 3 month average and strong resistance on upside.on downside 100 and 98 are previous bottoms support zones.

on daily chart,mcx aluminium indicators,showing fresh downside rally signs and formed bearish divergences.

aluminium weekly chart technical analysis

mcx aluminium future this week closed flat.this week mcx aluminium future made highs near 103.5 while low was near 100 so almost 3.5 rupee or 3.5% week volatility and consolidation pattern on weekly chart.

here trend is down for aluminium while momentum is mixed on account of consolidation.all medium to long term averages are in 105-107 range and remain as strong resistances on weekly closing basis.on downside 100 and 98 are small support levels.

mcx aluminium cci on weekly chart at –86 and off the lows while rsi is at 43 with bearish divergence.

aluminium forecasts for 27 to 31 may 2013

for next week,short term view remain negative for aluminium future.below 103 on closing basis remain sell on rise and expect 100 to 98 levels as targets on downside.if close above 103 then only think of buying here.

from medium to long term view,trend is down and momentum is showing consolidation signs.so watch for that if breaks 98 on weekly closing basis then fresh short selling opportunity for target 92.above 103 short term trend will change and may show up 105-107 upside targets so watch for that.

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Pramod Baviskar

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