Adjacent chart shows price movement of MCX Aluminum continuous contract. It is facing major resistance around 141.50. From the short term perspective, 141.40 will be a crucial resistance and on the way down, 137 will act as crucial support level. Aluminum is likely to consolidate within the range of 141.50 – 137 as long as it doesn’t break either side of the range decisively. If it breaks above the resistance level of 141.50 then it can inch higher towards 145 whereas if it breaks below the support level of 137 then it can drift lower towards 135 – 131.50. The daily momentum indicator is in positive mode.
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