Aluminium: Channel retested

MCX Aluminium faced resistance near the 61.8% retracement of the entire fall from Rs124.15 – 102.4.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. The current move down is unfolding in a channelised manner (white).Aluminium has broken the lower channel line (blue) and has retested it. The daily momentum indicator is in sync with the price fall. Unless the high of Rs107.8 is crossed the downtrend is expected to continue. The short term target on the downside is the low of Rs102.4.

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