The chart shows the price movement of MCX Aluminium. MCX Aluminium has been trading in a medium-term downward sloping channel. Recently, from the lower channel line, the base metal has moved up significantly. It reached 78.6% retracement mark.
From there the metal has entered a correction mode. It has formed a distribution triangle and the pattern is about to break-out on the downside. The daily momentum indicator is in line with the price structure. A short-term target on the downside is at 100.50. The reversal can be tightened to 107 on a closing basis.
From there the metal has entered a correction mode. It has formed a distribution triangle and the pattern is about to break-out on the downside. The daily momentum indicator is in line with the price structure. A short-term target on the downside is at 100.50. The reversal can be tightened to 107 on a closing basis.
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