31 AUGUST 2015www.commodityonline.com
MCX aluminium trading in multi-week downward sloping channel
Edited by : AL CIRCLE
1 min read
Aluminium is trading in a multi-week downward sloping channe on Multi Commodity Exchange (MCX). For the last few sessions it has been trading in a sideways manner, which has formed a sideways channel. Recently, the base metal faced resistance near the upper channel line.br>
Thus, here on it is expected to start its next move on the downside. The daily momentum indicator has completed the pullback cycle and can start a new cycle on the downside.br>
Once the swing low of INR 99.45 breaks, aluminium can tumble till INR 96. On the other hand, INR 102.20-102.60 will act as a key resistance zone on closing basis.br>
Thus, here on it is expected to start its next move on the downside. The daily momentum indicator has completed the pullback cycle and can start a new cycle on the downside.br>
Once the swing low of INR 99.45 breaks, aluminium can tumble till INR 96. On the other hand, INR 102.20-102.60 will act as a key resistance zone on closing basis.br>
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