Aluminium future daily chart technical analysis
Aluminium future on Friday closed at 137.55 with loss. 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 with bearish signals on indicators and oscillators. Below 139.5 expect this bearish trend to continue and on downside 132 and then 127.5 are support zones as well as target levels for this bearish move.
Aluminium future weekly chart technical analysis
Mcx Aluminium future this week showing big loss. This was first losing week for aluminium prices after last 2 weeks recovery move. This week we saw high around 143 and low of 137 and closed near lows with bearish outlook.
On weekly chart aluminium future major support around 134 rupee and if closes below 134 on weekly basis then expect long term downtrend and 123 to 103 rupees. On upside 142-144 is major supply zone on weekly chart.
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