Mcx aluminium monthly-remain sell for target 120.7 and 117.3

Aluminium future monthly outlook June 2017

Mcx aluminium future in month of May closed at 124.25 with
gains. After last 2 month continues weakness aluminium prices seen some bounce
back in month of May. This month aluminium future recorded low at 120 while
high was around 127. Total 7 rupee or 6% range and closing near middle.
For month of June 2017, mcx aluminium future outlook remain bearish
below 123.9 level. Daily chart price pattern as well as indicators are bearish
and suggesting downside for this commodity in June series.
Below 123.9 my mcx aluminium positional sell targets are
120.7 and then 117.3. If sustain above 123.9, then remain bullish and might
head towards 127.3 and 130.4.
Base metal Commodity traders below 123.9 go short with stop
loss above major top of 126 and keep targets at 120.7 and then 117.3 for month
of June 2017. 

From long term view, aluminium future hit my 2017 bullish
target of 128 rupee and now consolidating around it. But fresh weekly chart
price pattern suggesting downside correction up to 113 which is historic
support for aluminium prices.
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