MCX aluminium had faced resistance near the previous high of Rs.130 as well as near the monthly upper Bollinger band and had tumbled down sharply. Recently, from the low of Rs.102.45 the base metal formed a pullback, which turned out to be short lived. The base metal has fallen back towards the daily lower Bollinger band. The key support zone to watch out for will be Rs.102.45-101.25. A breach of the support zone on closing basis would mean significant downside for the commodity. On the other hand, Rs105.40–106.20 will be the key resistance zone to keep a tab on.
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