mcx aluminium price forecast for 6 to 10 may 2013

mcx aluminium price daily chart forecast

mcx aluminium on last trading session closed at 100.55 with loss.on daily chart mcx aluminium future is in absolute downtrend and now coming off from oversold zone.

on chart 101 is mcx aluminium month average and immediate resistance on upside while above that 103.5 is 3 month average while on downside 99.8 is weekly average and first support on downside.on indicators mcx aluminium future daily cci is –18 and off the lows from oversold zone and mcx aluminium daily rsi is 45 and still holding sell signal.

mcx aluminium price weekly chart forecast

mcx aluminium this week closed flat positive.this week cmx aluminium made high at 101.05 while low was 96.65.recovered from lows on account of short covering.

on chart major averages are way above 106-108 zone.on downside supports are seen at 100 and 98 zones.on indicators mcx aluminium weekly cci is –133 and still in oversold zone.while mcx aluminium weekly rsi is at 41 and still holding sell signal.

mcx aluminium price forecast for 6 to 10 may 2013

for next week,watch 101 on closing basis if breaks then we may see short covering rally will extend upto 104-105.while below 101 we still hope for 96 to 92 levels as downside targets.

from medium to long term view,96-92 will be accumulation zone with stoploss and may show technical short covering rally upto 105-108 zone in next 4-8 weeks time frame.

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Pramod Baviskar

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