MCX aluminium had faced resistance near the previous high of Rs.130 as well as near the monthly upper Bollinger band. From thereon it has tumbled down sharply. The medium-term trend for the base metal is down. The weekly momentum indicator is in a bearish mode. However, since the last few sessions it has been forming a short-term bounce. The daily momentum indicator is heading towards the equilibrium line to complete the pullback cycle. The key area where the pullback can subside will be Rs.108.70-109.80. On the other hand, Rs.105.40-104.30 will act as a key support zone on closing basis.
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