Aluminium future technical analysis for 19 to 23 November 2018.
Aluminium future daily chart technical analysis
Aluminium future on Friday closed at 139.5 with gain. On daily chart, aluminium future is in downtrend ad we saw breakdown around 148 rupee level and since then prices continually falling on profit booking as well as fresh short selling.
On daily chart, aluminium prices are trading below all short term averages. Stochastics indicator is in oversold zone with early recovery signal while MACD is below zero and suggesting some upside for prices on bounce back in upcoming days.
For month of November, mcx aluminium future below 152 was bearish or sell and my targets are around 138 and then 128, out of which 138 is done and now watch for 138 level support for next breakdown or reversal move. From here prices can give some bounce back before next major move.
Aluminium future weekly chart technical analysis
Mcx Aluminium future this week closed at 139.5 with huge loss. This was sixth losing week for aluminium prices. In these 6 weeks we saw almost 18 rupee drop from the top while in this week aluminium tumbled by almost 6 rupee from the top. On weekly chart aluminium prices trading below major averages with bearish trend and momentum.
Weekly chart stochastic indicator approaching oversold zone while MACD is below zero with bearish divergences.
From medium to long term view, aluminium done 154 and 165 investment targets and now after that correcting towards major long term support of 134 rupees. Below 134 expect long term breakdown and lower levels up to 122 and below.
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