MCX aluminium had faced resistance near the previous high of Rs.130 as well as near the monthly upper Bollinger band. Thus, it has entered a correction mode from the short-term as well as medium-term perspectives. The base metal is trading below the key moving averages on the daily, weekly as well as monthly time frames. The short-term and medium-term momentum indicators are in a bearish mode. From the medium-term perspective aluminium is expected to test the monthly lower Bollinger band, ie Rs.98 and the previous low, ie Rs.96.65. On the other hand, the crucial monthly moving averages, which are near Rs.111.20–113.40 will act as strong resistances on closing basis.
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