aluminium daily chart technical analysis
Aluminium future on last trading session closed at 106.6 with loss. On daily chart, aluminium futures price trend and momentum both are bearish. Prices are trading below all short-term averages with bearish divergences on indicators.
For next week, aluminium future support zones are 105 and 103.8 while on upside 107.5 and 110.5 are strong resistances. 107.5 is its 3-month average zone and any daily closings above it will reversal the downtrend. On downside, 104 and 101 will be strong support levels on daily chart.
Short-term traders below 107.5 keep sell on rise view and expect downside targets.
aluminium weekly chart technical analysis
Aluminium future this week closed in red and signing technical bounce back is over. On weekly chart aluminium, future trend is down with mixed indicators pattern.
On upside, 109 is all major averages zone and first resistance on weekly chart. Above it 113.5 is next major resistance level. On downside, 104 and 100 are strong support zones.
Positional traders below 109 on weekly closing basis keep bearish view for aluminium and expect targets of 104 and then possibly 100 if panic triggers.