14 July 2015 Technical Chart Aluminium Keep an eye

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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