MTECHTIPS MCX ALUMINIUM trading analysis 01-06-2015
Mcx aluminium future last closed at 108.75 with loss. on daily chart aluminium future price trend and momentum both are bearish. aluminium prices are trading way below its 1 and 3 month averages. on upside 113.5 is 1 month average and 114.5 is 3 month average and will remain as strong short term resistances. on downside 105.2 is strong support as well as possible target for this downfall. daily chart indicators, macd is below zero with bearish signals. rsi is at 30 and oversold while cci is below –100 and oversold with bearish divergence. for fresh short sellers risk reward is not favorable but positions shorts can hold for target 105.2 with trailing stoploss.
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