MCX Aluminium daily chart analysis
MCX aluminium future on last session closed at 105.95 with loss. On daily chart, aluminium future trend and momentum is down and after bounce back prices once again facing supply from market.
On daily chart, aluminium future support zones are 104 and 101 while on upside 106 is aluminium future 1 month average and first resistance while 108.5 is its 3-month average and next major resistance. Below 10.8.5 aluminium future trend remain bearish and trading strategy remain sell on rise.
For next week, traders expect downside up to 103-104 and then a bounce back as indicators are still forming bullish divergences and are off from there lows.
MCX Aluminium weekly chart analysis
MCX aluminium future this week closed with flat gains. This week aluminium future low was at 103.7 while high was at 107. Total 3-rupee range or 3% swing and closed flat positive.
On weekly chart, aluminium future trend and momentum is still down and prices are showing consolidation after fall. On downside 104 and then 100 are major support zones on weekly chart while on upside 109 and 111.5 are strong resistance levels. Aluminium future Weekly chart indicators are bearish and heading towards lows.
Swing traders and investors below 109 keep short view but 100-102 is major historic support zone and buying/ investing opportunity zone on any major dips so watch for that.