EquityPandit’s Outlook for Aluminium for the week (Mar 18, 2019 – Mar 22, 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 150- 151 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 155-156
Currently Aluminum Mcx Future is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 130- 132 on upside and 155- 156 on downside.