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MTECHTIPS MCX ALUMINIUM INTRADAY trading analysis 27-06-2016

Monday, June 27, 2016 2:17

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MTECHTIPS MCX ALUMINIUM INTRADAY trading analysis 27-06-2016

DAILY:- Mcx aluminium future daily chart, price trend is bullish but momentum is losing out so expect correction ahead. On chart, aluminium has support at 108.1 and 107.5 while on upside 110.4 and 110.55 are resistances. Aluminium might test 107.5 in short terms.

WEEKLY :- Mcx aluminium on Friday closed at 109.2. Aluminium prices are coming off from high on risk off trades and might continue its correction in next week. Mcx base metals go through correction or profit booking phase in upcoming weeks due to risk off environment. Mcx aluminium weekly chart showing positive gains for the week. This was third gaining week for aluminium prices and in these 3 weeks aluminium rallied from lows of 103.3 to high of 110.4. Total 7 rupee or almost 7% move in short terms. On weekly chart, aluminum has resistance zones around 110.4 and 112.2 while on downside 106.5 and 104 are support zones. Above 104 medium term uptrend will remain intact and downside will be correction.

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