MTECHTIPS MCX ALUMINIUM SELL AT 109.5 STOPLOSS 110.5 TGT 108.5 TGT 107.6
MTECHTIPS MCX ALUMINIUM WEEKLY trading analysis 28-05-2015
Mcx aluminium future closed at 109 . daily chart price trend and momentum both are strong bearish. for aluminium this was ninth losing session. this base metals after showing top of 125 succumbed to selling pressure and back to the base from where rally was started. aluminum trading way below month and 3 month averages with oversold indicators suggesting less downside and chanced of bounce backs.this week aluminium future once again closed with heavy loss. this was third losing week for this base metal future. in these 3 week period aluminium future lost 15 rupees in its value. or almost 15% drop from the top. this week aluminium hit high at 117 while low was at 109. total 8 rupee range or 7% volatility and closed in red. weekly chart price trend and momentum both are strong bearish suggesting deep downside for this metal in longer terms.for next week, expect downside up to 105 with trailing stop loss at 113.6. below118 aluminium entered in bearish territory for price targets 113 and then possibly 105 where right now it is headed. in commodity crash on fed rate hike possible long term targets will be 99 to 94.