Navigation
”crude

Aluminium to start tumbling


The adjacent chart shows price movement of MCX Aluminium. MCX Aluminium has been trading in a mediumterm downward sloping channel. Recently, from the lower channel line, the base metal has moved up significantly. It reached 78.6% retracement mark. From there the metal has entered a correction mode. It has formed first leg of the fall and has done a three-wave pullback. The upper end of the pullback channel is acting as a strong resistance. Thus, the pullback looks complete at 110.25. Unless that is crossed on a closing basis, the base metal is expected to resume with the larger downtrend. The key supports are 106.5 and 106, whereas the overall short-term target on the downside is at 101.30, ie equality target.
Share

Shubhlaxmi

Shubhlaxmi Commodity is a Free portal where you are provided all market such as Commodity stocks futures and Currency Like USD To INR and internatinol live market prices and live charts and Free support and resistance level

Post A Comment: