mcx aluminium mini intraday chart and analysis

free mcx aluminium mini tips and intraday levels

Mcx alumini June future trading at 107 with almost 1% gain for the day. We seen technical bounce back after lasts session sharp selloff. Aluminium prices gives reversal from support of 105.
On daily chart, alumini price trend and momentum both are still strong bearish. Prices are in bearish and oversold territory but some indicators are still with bearish divergences suggesting downside for prices.
For intraday, mcx alumini future support zones are 106 and 105 while on upside 108 and 109.7 are strong resistances. For intraday might show upside up to 108-109 but that will be best shorting opportunity on bounce back. On downside 105 and 103 are near to short term targets. Low volumes on price gains suggesting market has no confidence in this bounce back. Till now, alumini future high near 107.8 while low was near 106.7. Trading near low and lost all intraday gains suggesting strong supply from market on rise which also bearish sign and reason to stay short in metals!!

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Pramod Baviskar

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