mcx aluminium daily chart technical analysis
mcx aluminium future last closed at 111.7 with loss of 1.54%.on daily chart mcx aluminium future trend and momentum both turned bearish now.
on daily chart,mcx aluminium future trading below 3 month average of 113 rupee which is now strong resistance on upside.above that 113.5 and 116 are next strong resistances.while on downside 109-106-103 are major support points on daily chart.which are also previous tops/bottoms.
on indicators,mcx aluminium future daily chart shows cci level at –155 and bounce back from oversold zone while rsi is at 45 with absolute sell signal which is generated at 116.
mcx aluminium weekly chart technical analysis
mcx aluminium future this week tumbled by almost 5%.on weekly chart this was second negative closing for aluminum and in these 2 weeks tumbled from 124 to 111.total almost 13 rupee or 11% downside rally.
on weekly chart,mcx aluminium future trend still bullish as holding major average but momentum is clearly on sell side.on downside 110-108 are 24-12 month and 6 month averages zone.while on upside 116-122 are tops and major resistances.
mcx aluminium future on weekly chart shows cci level at 87 with bearish divergence while rsi is at 52 and heading towards downside breakout!!
mcx aluminium forecast for 16 to 20 sep 2013
for next week,traders below 113 hold sell on rise view and keep targets at 109 then 106 and in last 103.for all base metals rupee factor remain major concern and may trend unexpected so keep tight stoploss for all shorts.
from medium to long term view,mcx aluminium future heading towards support of 108 and below that trend will change and may show 104-100 levels.but any positive closing near 108 will be reversal signal and might be investment opportunity.