The chart shows 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 first leg of the fall and has done a three-wave pullback. The upper end of the pullback channel is acting as a strong resistance.
Along with the trend-line, the previous high is putting pressure on the price. Thus, the pullback looks complete at 110.25. Unless that is crossed on a closing basis, the base metal is expected to resume with the larger downtrend. It can form a distribution pattern in this range before tumbling down. The key supports are 107 and 106.5, whereas the overall short-term target on the downside is at 101.30, ie equality target.
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MCX Aluminium: Multiple Hurdles!
Published 08/11/2013, 01:07 AM
Updated 05/14/2017, 06:45 AM
MCX Aluminium: Multiple Hurdles!
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