October 19, 2011 Aluminium: Ready to slide

MCX Aluminium is falling in a medium term falling channel. It recently formed a short term pullback, which faced resistance at the daily upper Bollinger Band. The daily momentum indicator has also completed a pullback cycle and is about to trigger a bearish crossover. The contraction of the daily Bollinger Bands suggests that a sharp move is on the cards, with the probability of it being in the downward direction being higher. Hence the targets for Aluminium are Rs104.85 (the low) – Rs102.2 (equality target) with reversal of Rs109.35 (swing high).

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