Mcx aluminium future this week closed at 139.85 with gain. This was first gaining week for aluminium prices after last week’s corrective retracement. This week mcx aluminium future hit high around 140.85 and low was at 137.15. Total almost 3.5 rupee weekly range and strong closing on fresh buying as well as short covering.
Mcx aluminium weekly chart, price trend and momentum are strong bullish but prices are trading way above major averages which strong bullish momentum. On downside 136.7 is 5 weeks average, below that 130 is 20 weeks average and 124.2 is 50 weeks average level and major long term support zone. Weekly chart RSI is at 69 and entered overbought zone with buy signal given at 121 rupee level and MACD is at 4.1 with buy signal given at 122 rupees.
For month of October, Mcx aluminium price above 136.9 will remain buy and accumulate. On upside 142.35 and then 146.8 are resistance zones as well as target levels. And this we saw high of 140.85 and aluminium future heading slowly and steadily towards given targets.