MTECHTIPS MCX ALUMINIUM INTRADAY trading analysis 04-07-2016
DAILY:- Mcx aluminium future this week closed at 111.5 with strong gains. We saw strong buying spree in mcx base metals and also trapped shorts boosted the rally at expiry. This was forth positive weekly closing for aluminium prices and in these 4 weeks aluminium rallied from lows of 103 to highs of 112. Total 9 rupee gains or almost 9% gains in one month period. Mcx aluminium daily chart, price trend and momentum both are bullish but looks like aluminium is near top. On downside 110.5 and 108.5 are support zones while on upside 112.5 and 114 are resistances for next week. Mcx aluminium future previous top was around 112.2.
WEEKLY :- Mcx aluminium weekly chart, price trend and momentum both are strong bullish. On downside 108.5 and 105.5 are support zones for investors. On upside 115 and 121 are resistances as well as target zones. We might see fresh all time in aluminium prices in medium to longer terms.