EquityPandit’s Outlook for Aluminium for the week (April 01, 2019 – April 05, 2019):
Technically on the daily charts we see minor support on the downside for Aluminum Mcx Future lies in zone of 140-142 levels, whereas minor resistance on the upside is capped around 158- 160 levels.
If Aluminum Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Aluminum Mcx Future can head towards major support on lower side around 130-132 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Aluminum Mcx Future can head towards higher levels around 165- 167
Currently Aluminum Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 130- 132 on upside and 165- 167 on downside.