Mcx aluminium future this week closed with loss. This week aluminium future hit high around 108.5 while weekly low was around 105.5. Total 3 rupee or 3% weekly swing seen and closed with loss. This was first weekly loss for aluminium prices after last 3 weeks rally.
On weekly chart, aluminium slipped below its 6-month average and closed just above 3-month average with bearish price and indicators pattern on weekly chart.
For next week, aluminium future supports are 105.9 and 105.5. Below 105.5 next major support will be at 100.5. On upside 108.2 is strong resistance and fresh short entry point.
Mcx aluminium daily chart RSI is at 53 with bearish divergence and if it slip below 50 then expect aluminium prices around 100 in medium terms.
Traders here keep short view for target 105.9 to 105.5. In addition, below 105.5 open fresh shorts for target 100.5. Bullish reversal rally will happen above 108.2 for target 110 to 112.