MCX Aluminium On A Southward Journey
CommodityOnline | Jul 21, 2013 02:50AM ET
The adjacent 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 started falling. The fall is breaking up into lower-degree waves. The daily momentum indicator is In line with the price fall. Structurally, the equality target for the current down leg comes to 100.50 with a potential to extend till the lower channel line. The swing high of 109.10 will act as a reversal level.
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