Stock advisory Company, MCX Aluminium faces key resistance ahead
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The Aluminium futures contract on the Multi Commodity Exchange (MCX) fell sharply, as expected in the past week, breaking below the key 100-day moving average support level of ₹133 per kg. The contract hit a low of ₹130.4 on Thursday but bounced back from there. It is currently trading at ₹133.35/kg.
Immediate support is at ₹132. If the contract manages to sustain above this support, a rise to test the resistances at ₹135.5 or ₹136 — the 21-day moving average — is possible in the coming days.
The downside pressure will ease only if the contract breaks above ₹136 decisively. Such a break can take the contract higher to ₹138 or ₹138.5 initially. The further break above ₹138.5 can boost the momentum. In that scenario, the possibility of the contract rallying to ₹142 and ₹143 levels will increase.
On the other hand, if the contract fails to break above the ₹135.5-136 resistance region and reverses lower, it can come under pressure again. This will reiterate the downtrend since November. In that case, the contract can fall to ₹131 and ₹130 again.
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