Adjacent chart shows price movement of MCX Aluminum continuous contract. Aluminium is in corrective mode after hitting the high of 145.95. The correction in Aluminium is in channelized manner. Currently, it is hovering around the crucial support level of 135 i.e. 61.8% retracement level of its previous rise. If it holds above the support level then it can see a bounce towards 138.30 – 139.35. However, if it closes below 135 then it can drift lower towards 134 and subsequently to 132.20. Traders must keep a close watch as it is trading near its crucial support levels. The daily momentum indicator is bearish.
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