MCX Aluminium daily chart technical analysis
Mcx aluminium future on last session closed at 107.4 with loss. On daily chart aluminium, future price trend is down but momentum is on recovery side. Aluminium is now trading just below its 3-month average while trading above its week and month average. Daily chart indicators pattern is bullish so expect recovery and then bullish breakout ahead in next week.
For next week, mcx aluminium future support zones are 106 and then 104 while on upside expect strong resistances at 108 and 110.
Short-term traders above 104 keep buy on dips view for aluminium future and expect 108 and then 110+ as targets zones in next week.
MCX Aluminium weekly chart technical analysis
Mcx aluminium future this week closed with gains of 1.37%. This week aluminum future hit low at 104.6 while high was at 108.7. Total 3-rupee range or almost 3% volatility and closed with gains as expected. This was second gaining week for aluminium prices and recovery continues.
On weekly chart, mcx aluminium future trend is down s trading below its 12 and 24 month average but momentum clearly on recovery side that why we seen rally from 103 to now at 108.
From medium term view, 104 and 101 are support zones while on upside 109 and 113 are strong resistances.
Swing traders and investors use 101-104 for accumulation and expect 109 and 113 as target zones for mcx aluminium.