Aluminium future daily chart technical analysis
Aluminium future on Friday closed at 128.8 with loss. On daily chart, aluminium future is in downtrend and we saw low up to 128 rupees in this week.
On daily chart, aluminium prices are trading below all short term averages with bearish signals on indicators and oscillators but looking oversold so expect recovery ahead. On upside 133 rupee is major resistance and prices might recover towards it as we saw bottomed out pattern around 125 rupee level. Above 133 expect bullish trend and upside targets up to 139.5 and above.
Aluminium future weekly chart technical analysis
Mcx Aluminium future this week showing loss. This was first losing week for aluminium prices after last week’s strong recovery.
On weekly chart aluminium future is in downtrend and trading below major weekly averages with oversold indicators and oscillators. So expect bounce back here in medium terms. On upside 144 will remain as strong hurdle for aluminium prices and below it long term trend will remain weak and sell. But expect recovery towards it from current levels. Aluminium on downside have support around 110 and then 90 and that will be bearish target zones if downtrend continues here.
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