Aluminium future daily chart technical analysis
Aluminium future on Friday closed at 137.2 with gain. On daily chart, aluminium future is in downtrend but highly oversold on chart and now bouncing back towards 139.3 level. For month of December, 139.3 will remain as make or break level. Below it expect downtrend continuation and lower levels up to 132 to 127.5. but if gives breakout above it then expect sharp price surge on account of short covering rallies towards 144 to 151 rupee. Currently aluminium prices bouncing back from oversold zone towards levels of 139.3 rupees.
Aluminium future weekly chart technical analysis
Mcx Aluminium future this week closed at 137.2 with gain. This was first gaining week for aluminium prices after last 7 weeks sell off. This week we saw recovery from 135 rupee lows which will act as temporary bottom for prices.
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. Reversal above 134 will be best investment opportunity for upside targets of 154 and 165 again.
Aluminium future monthly chart technical analysis
Mcx Aluminium future in month of November closed with loss. This was third losing month for aluminium prices. We saw top of 168 in October and since then continue profit booking as well as short selling pushed aluminium prices towards 134 rupee support level. Now look like taken support around 134 and bouncing back towards previous highs.
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