MTECHTIPS MCX ALUMINIUM WEEKLY trading analysis 12-05-2015
Mcx mcx aluminium on last trading session closed with loss. on daily chart, aluminium future price trend is up but momentum is losing out on profit booking hence correction phase is going on. daily chart indicators are bearish and suggesting downside for aluminium prices.for next week, aluminium future support levels will be 118 and then 113.6. below 118 expect bearish trend and lower top and bottom cycle for this commodity.on upside 126 and 130.8 are strong resistances as well as target zones if hold 118 level on closing basis.this week aluminium future closed with loss. this was first week of negative closing for this commodity after last 3 weeks positive closing. this week mcx aluminium future hit high near 126 while low was near 118. almost 8 rupee volatility was seen in this week.from medium to long term view, below 121 on weekly closing basis expect weakness or bearishness in this commodity for targets of 112 to 107.traders here keep short view and below 122 keep sell on rise view for corrective targets of 118 and then 113.6.