MCX Aluminium Tumbling downside
The adjacent chart shows the price movement of MCX Aluminium continuous contract. It has been on a downward trajectory for the last several sessions. The momentum indicators on various time frames have been in line with the fall. In terms of the wave structure, it is forming wave extension on the downside, which means further downside in the offing. In the last session, Aluminium formed an Engulfing bear candle, which reinforces the downtrend. The equality target on the down-side is at 132, where there is a medium-term rising trendline as well. On the flip side, 142.50- 144.50 shall now act as a crucial hurdle.
