Navigation

MCX Aluminium Bears warm up



Adjacent chart shows weekly price movement of MCX Aluminium continuous contract. Aluminium retraced 61.8% of its previous fall and witnessed a correction thereafter. On the way down, 20DMA of 131 will be a crucial support level to watch out for. If aluminium closes below 20DMA with a bearish crossover in momentum indicator then aluminium can start its next leg of down move which can drag it lower towards 127.40 – 124.75. On the way up, 135.50 – 136.80 will act as crucial resistance levels in the near term. The scope for a deeper correction is possible as long as aluminium does not break above 136.80. The daily momentum indicator is bullish


Share

Shubhlaxmi

Shubhlaxmi Commodity is a Free portal where you are provided all market such as Commodity stocks futures and Currency Like USD To INR and internatinol live market prices and live charts and Free support and resistance level

Post A Comment: