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Indian Aluminium may slip to INR 108
Edited by : AL CIRCLE
1 min read
Sharekhan has come out with its report on Aluminium. According to the research firm, the crucial support for the base metal is at INR 111.5. Once that is broken, it can tumble till the range of INR 109-108 from the short-term perspective.
After the double-bottom formation, MCX aluminium rallied sharply. It retraced nearly 88% of the previous fall. At that level, it faced a resistance from the weekly upper Bollinger Band and 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 that is broken, it can tumble till the range of INR 109-108 from the short-term perspective. The swing high of 114.30 will act as a key resistance on a closing basis.
After the double-bottom formation, MCX aluminium rallied sharply. It retraced nearly 88% of the previous fall. At that level, it faced a resistance from the weekly upper Bollinger Band and 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 that is broken, it can tumble till the range of INR 109-108 from the short-term perspective. The swing high of 114.30 will act as a key resistance on a closing basis.
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