Mcx aluminium weekly- hit low of 121.2 bearish target was 120.8

Mcx aluminium future weekly technical analysis report for 12 June to 16 June 2017

Mcx aluminium future this week closed at 122.6 with gain. After last 2 week’s strong selling we saw value buying as well as sharp short covering around 121 rupee levels. Volatility is high and expect large swing on both side in upcoming weeks. This week mcx aluminium future hit high around 122.7 and closed near it while low was at 121.2.

Mcx aluminium price trend below 123.8 will remain bearish and on downside 120.8 and then 117.5 are support zones as well as selling targets. Below 123.8 mcx aluminium trading strategy for June will remain sell on rise.

From long term view, mcx aluminum future hit its 2017 investment target of 128 and was correcting towards support of 113 rupees major support zone.

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Pramod Baviskar

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