MCX aluminium weekly predictions 10-14 Feb. 2014

mcx aluminium daily chart

MCX aluminium daily chart analysis

Mcx aluminium future last closed at 105.15 with loss. On daily chart mcx aluminium future price trend and momentum both are down and prices are trading near lows. For next week, mcx aluminium future has strong resistances at 107 and 109 while on downside expect some support at 104 and then 101.

For next week, mcx aluminium future outlook remain bearish and below 109 traders must keep sell on rise view here. On downside, 104 and then 101 will be upcoming targets for mcx aluminium future.

mcx aluminium weekly chart

MCX aluminium weekly chart analysis

Mcx aluminium future this week closed with gain. This week aluminium future made low at 103.5 while high was at 106.1. Recovered from lows and closed with gain. Though on weekly chart, aluminium price trend and momentum both are down and medium term outlook still negative. On upside 108-109 is major medium to long-term averages zone and strong supply zone. On downside, 103 and 100 are historic support zones for aluminium future.

Below 109 on weekly closing basis, expect downside targets for mcx aluminium and they are 103 and then 100.

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Updated: 09/02/2014 — 5:18 PM

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Pramod Baviskar

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