MCX Aluminium daily chart technical analysis
MCX aluminium future on last trading session closed at 103.9 with loss. On daily chart mcx aluminium future trend and momentum both are absolute bearish. Downside breakout was seen at 113 and from then prices are making lower bottoms. Technically trading in oversold zone but as momentum is down we may see some downside and then consolidation. For next week, mcx aluminium future, support zones are 103 and then 101 while on upside 106-108 and 109 are strong resistance levels on chart.
MCX Aluminium weekly chart technical analysis
MCX aluminium future this week tumbled by 4% and closed near low. This week mcx aluminium future high was 109 while low was at 103.85. Lost 5 rupee in price and heading towards historic lows. This was second week of selling and price dropped fromm111 to now 104. On weekly chart mcx, aluminium is in downtrend and momentum is clearly in hand of bears. From medium term view, 109 is now trailing stop loss for short sellers and swing shorts with price target 101-100.