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Aluminium Cracking down 22 March 2016

MCX aluminium rallied sharply in the month of February however it couldn't sustain at higher levels and reacted sharply in the last few weeks. The short-term momentum indicator is in line with the bearish price action. On the way down, the base metal has broken the key moving averages on daily and weekly time frame. It has also cracked a short-term and a medium-term rising trend line. It has retraced 61.8% of the previous rise. Subsequent levels on the downside will be Rs 97.60-97.00. On the other hand, Rs 102.00-102.40 will act as a crucial resistance zone.

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