Aluminium weekly outlook 2 to 6 June 2014
Aluminium daily chart technical analysis
MCX aluminium future on last trading session closed at 107.65 with gain. on daily chart, aluminium future price trend and momentum both are bullish and short term breakout was seen in last trading session. For next week, aluminium future outlook will remain bullish and above 106 rupee, traders must keep long view for this metal commodity. On chart, 106 is first support level of its 3-month average and below it 105 is next support level of its 1-month average level. On upside 110 and 112 are strong resistances as well as target zones for next week.
Aluminium weekly chart technical analysis
MCX aluminium future this week closed with gains of 3.16%. This was second week of gains for aluminium prices and in these 2 weeks period prices rallied from 102 to 107.6 rupees. This week aluminium future hit high at 107.65 while low as at 104.1. Total 3.5 rupee or 3% weekly swing and closed with gain. On weekly chart, aluminium future is closed with gain just below its major long-term averages. From medium to long-term view, 108 and 114 are strong resistances on upside while on downside 105 and 103 rupees are strong support zones. Weekly chart indicators patterns are bottomed out so expect Bull Run ahead. Investors above 103 rupee keep buy on major decline strategy for targets 108 and then 114.