mcx aluminium weekly outlook for 19 to 23 sep 2016

MCX.ALUMINIUM - OHLC Six Months_1w 2016-09-18 105004 Mcx aluminium future this week closed at 105 with gain. This was first positive weekly closing for this base metal after continues sharp selloff since last 3 weeks. This week aluminium hit high around 106.25 while low was at 104. Total 2 rupee plus or 2% weekly range and strong positive closing suggesting trend reversal or bottom formation for aluminium prices.   Mcx aluminium weekly chart trend is down but momentum is Turing on buyer’s side suggesting bottoming out of the prices. On upside 107 and 107.65 are 6 and 13 weeks average level and target zones for this recovery phase.   Mcx aluminium achieved my given targets of 106 and 104 and now taken support at 104 and also achieved upside 106 target this week with high above it. Now above 106 my target is at 110.1 in medium terms.   For mcx commodity tips on whatsapp with real time support and follow ups visit our subscription section.

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Pramod Baviskar

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