Mcx aluminium monthly-remain sell below 118 tgts 113.3-108.8

Mcx aluminium monthly report for December 2016

Mcx aluminium monthly report for December 2016

Mcx aluminium on last trading session closed at 117.55 with loss. Mcx aluminium hit my targets 118+ and 121.8 in November series and now time for correction.   For month of December, mcx aluminium outlook remain weak and bearish on profit booking as well as fresh selling. Below 118, mcx aluminium trend will be bearish and trading strategy remain sell on rise. On downside 113.3 and 108.8 are monthly support zones as well as my bearish targets.   Weekly closing above 118 means reversal signal and primary uptrend resumes. On upside 122.4 and then 127 are reversal bullish targets.   Mcx aluminium weekly chart, showing aluminium prices are overbought and facing strong supply around 120. On downside 106.5 is major support and expect correction up to that level if fails to cross 120 on weekly closing basis.

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Pramod Baviskar

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