MCX ALUMINIUM
- According to technical analysis chart no1, MCX Aluminium shown weakness after breaking its up channel formation.
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- As per chart no2, Aluminium is moving up from strong trend line and 50 days moving average @ 120, this indicates as long a as commodity trading above 50 DMA bulls will be favored, but once closes and stays below its support @ 120 then further weakness is expecting for next few trading days.
- Intraday Tips - Close watch if Alminium starts trading below 120 during trading hours, if stays below 120 then indraday weakness is expecting.
- Also See - MCX NATURAL GAS has formed double bottom formation, will favor bulls once closes above its trend line resistance.
- If aluminium moves up from current levels then will find next fibonacci retracement resistance around 123.25, 124.25 and 125.20, as shown in technical chart no3.
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