Aluminium daily chart technical analysis
Aluminium future on last session closed at 107 with flat loss. On daily chart, aluminium price trend and momentum both are down. Prices are trading below its 3-month average and heading towards previous lows, while daily chart indicators pattern are mixed.
For next week, aluminum support zones are 106 and 104 while on upside 107.5 and 110.2 are strong resistance levels.
Short-term traders below 108 levels on closing basis keep short view for this base metal and expect lower targets of 106-104.
Aluminium weekly chart technical analysis
Aluminium future this week closed with flat loss. On weekly chart, aluminium price trend and momentum both are down. Aluminium is trading below its major medium to long term averages with bearish divergences on indicators.
On weekly chart, aluminium strong resistance levels are 109 and 111.5 while on downside 104 and 100 are strong support levels.
Swing traders below 109 on weekly closing basis keep short view and expect downside target of 104 and below. Strong rupee may continue to put pressure on prices.