Aluminium may slip to Rs 112 in short term
Sharekhan has come out with its report on Aluminium. According to the research firm, the metal is expected to go for a correction. The target area from a short-term perspective will be Rs 115-112.5, says the research firm.
From the low of 96.65, MCX Aluminium has done a multimonth rally. The rally has unfolded in a channelised manner. Currently, the base metal is trading near the upper end of the channel. It made an attempt to cross the upper channel line but couldn’t sustain in the higher territory and has entered back into the channel. A recent rise from the lower channel line to the upper line shows a five-wave structure. Thus, unless the high of 122.50 is crossed on a closing basis, aluminium is expected to go for a correction. The daily momentum indicator has given a sell signal from an overbought territory. The target area from a short-term perspective will be Rs 115-112.5.
Source: Money Control