MCX aluminum prices are now trading with a bearish rally towards 106-104 levels. The commodity is now trading around 223-229 levels for the week.
The bullish flag pattern was broken at 109 levels. The commodity has since been trying to form a bearish flag pattern.
If the commodity breaches 104 levels, a positive rally towards 114-116 range is expected.
On charts, aluminum is showing bearish phenomenon. The MACD is quite positive, and the P-ROC (Rate of Change) is at positive territory. The RSI is in sideways at 54.83.
Short covering at 106 levels may witness slight uptrend in the near term. The overall trend remains bearish for MCX Lead.
MCX Aluminium June Short Term: Bearish
Support: 106, 104
Resistance: 114, 115
Turn around levels: 106-112-115