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



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