MCX aluminium forecast 16 to 20 June 2014
MCX aluminium daily chart technical analysis
MCX aluminium future on last trading session closed at 108.65 with gain. On daily chart, aluminium closed with gain just above its week and 3-month average. Aluminium short-term trend is intact and last move is suggesting continuation move of primary trend. On downside 107 is 3-month average support and below it, 105 will be next support. On upside 110 and 112.5 are strong resistances. Daily chart indicators are also suggesting reversal so traders above 107 keep long view for targets 110-112 again.
MCX aluminium weekly chart technical analysis
MCX aluminium future this week closed with 1% loss. On weekly chart, this week we had seen profit booking and aluminium back to its major support levels. This week aluminium hit high at 112.9 while low was at 107.15. Total almost 6-rupee range or 5% volatility and closed with loss on profit booking. Aluminium future price trend and momentum both are bullish. On downside 107 is 12 and 24 month average zone and below it 103 will be next support zone while on upside 110.5 and 114 are strong resistances. Investors above 107 keep long view on aluminium future for targets 110.5 and then 114 in upcoming weeks.