Aluminium: Bearish setup

MCX Aluminium faced resistance near the 61.8% retracement of the entire fall from Rs124.15 to Rs102.4. The pullback unfolded in a channelised manner. From the key Fibonacci level as well as from the upper end of the channel Aluminium has fallen sharply. Recently it has formed a minor degree pullback that has retraced 38.2% of the fall. The daily momentum indicator is in a bearish mode and is trading near the equilibrium line. Hence fresh short positions can be created with reversal above Rs113.3.The targets on the downside are Rs107.5 – Rs106.

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