MCX Aluminium continues trade sideways range

Adjacent chart shows weekly price movement of MCX Aluminium continuous contract. Aluminium continues to trade sideways in a range. The bounce in aluminium found resistance at 40DEMA and the upper Bollinger band and it witnessed correction thereafter. On the way down, 139.80 shall act as crucial support in the near term. Scope for a bounce towards the upper end of the channel of 145.75 is possible as long as it holds above 139.80. The bears will take charge once aluminium breaks and sustain below 139.80. Below 139.80, aluminium can dip towards 138.50 – 136 levels. The daily momentum indicator is in bullish mode

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