August 20, 2017

MTECHTIPS

MTECHTIPS:Aluminium may slip to Rs 108; support at Rs 111.5

Mtechtips has come out with its report on Aluminium. According to the research firm, the crucial support for the base metal is at Rs 111.5. Once that is broken, it can tumble till the range of Rs 109-108 from the short-term perspective.After the double-bottom formation, MCX aluminium rallied sharply. At that level, it faced a resistance upper Bollinger Bandand the medium-term falling trendline.Consequently,it formed a bearish inside bar and started falling.The daily momentum indicator has given a sell signal from the overbought level. The crucial support for the base metal is at 111.5. Once it broken, it can tumble till the range of Rs 109-108 from the short-term .The swing high of 114.30 will act as a key resistance on a closing basis.

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