Aluminium future daily chart technical analysis
Aluminium future on Friday closed at 133.85 with loss. On daily chart, aluminium future is in downtrend and we saw breakdown around 139.5 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. We saw low of 133.5 in this week, but now indicators are deeply oversold so expect bounce back ahead.
Aluminium future weekly chart technical analysis
Mcx Aluminium future this week showing big loss. This was second losing week for aluminium prices and in these 2 weeks aluminium prices tumbled from 143 high to low of 133.5.
On weekly chart aluminium future is now trading below major support of 134 rupee and if sustain below 134 on weekly basis then expect long term downtrend and 123 to 103 rupees. On reversal rally that will be bets buying opportunity for 145 to 154 rupees in medium terms.
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