MCX Aluminium daily chart technical analysis
MCX Aluminium on last trading session closed with gains. On daily chart aluminium, price trend and momentum both are down and future is trading at fresh low. Aluminum future is trading below all short-term averages with indicators in oversold zones.
For next week, aluminium future support zones are 101 and 98 while on upside expect strong resistances at 105.5 and 106.5. 101.5 is aluminium 1 month average zone and 106.5 is 3-month average zone. RSI is at 40 with bearish divergence and CCI is -157 and off the low.
For next week, expect some technical bounce back up to 105.5 to 106.5 from oversold state.
MCX Aluminium weekly chart technical analysis
MCX Aluminium this week closed with almost 2% loss. This was 3 rd losing week for aluminium future and in these 3 weeks tumbled from 109 to 102. This week aluminium future hit high at 104.7 while low was at 102.15. Weekly chart price trend is down and indicators pattern are bearish suggesting rally will continue for upcoming weeks.
Mcx aluminium weekly chart support zones are 100 and 96 while on upside 108 and 110.5 are strong resistances. RSI is at 44 with bearish divergence and CCI is -95 and heading towards -200.
Investors below 108 on weekly closing basis keep bearish view and expect 100 to 96 rupee levels in medium terms.