Aluminium Witness Sell For Downside Target 120-119
CommodityOnline | Aug 01, 2014 08:20AM ET
As one can see from the adjacent chart below, MCX aluminium has formed a double top chart pattern on the one-hour chart. A negative diversion on the Moving Average Convergence Divergence and the Relative Strength Index indicates bearishness in the commodity.
Other technical observations: Momentum is valued at (1.35), Relative Strength Index is valued at 48 and the Moving Average Convergence Divergence has crossed down to its moving average and is valued at 0.15. Any rise till Rs122-122.50 one can sell for a downside target of Rs120-119. Trade above Rs124 will negate the bearish view.
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