MCX Aluminium Heading south

MCX Aluminium Heading south

The adjacent chart shows the price movement of MCX Aluminium continuous contract. The commodity is in a downtrend from the short term as well as medium-term perspective. In terms of the wave structure, it is forming a wave extension on the downside. The daily & weekly momentum indicators are in sync with the fall. Thus the base metal is in for further downside. The equality target on the downside is at 132, which is close to a medium-term rising trendline. On the flip side, 143-146 shall act as a key resistance zone.