Sharekhan has come out with its report on base metal.
According to the research firm, Mcx Aluminium is expected to fall towards 106.
However, if the level of Rs 112.20 is crossed, the metal can stretch till the
level of Rs 115 Aluminium reaching key hurdles: Commodity TechnicalAnalysis Software Commodity Charting Software
The chart shows the price movement of MCX Aluminium. MCXAluminium has been trading in a medium-term downward sloping channel. Recently,
it had fallen from the upper channel line towards the lower line and bounced
thereon. The daily momentum indicator that was showing a positive divergence
entered a bullish mode. As a result, the base metal has moved up significantly.
It has crossed its key daily moving averages and 61.8 percent of the previous
fall. It has reached near the 78.6 percent retracement mark (112.20) from where
the base metal is expected to cool off. The daily momentum indicator has been
stretched to an overbought territory. Thus, unless the base metal crosses 112.20
on a closing basis, it is expected to fall towards 106. However, if the level
of 112.20 is crossed, Mcx aluminium can stretch till 115, ie the upper channel
line.
Source : .Money Control
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