EquityPandit’s Outlook for Aluminium for the week (April 29,2019 – May 03,2019):
Technically on the daily charts we see minor support on the downside for Aluminum Mcx Future lies in zone of 142-143 levels, whereas minor resistance on the upside is capped around 150- 152 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 138- 139 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 153-154
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 153- 154 on upside and 138- 139 on downside.