MCX Aluminium likely to fall further

MCX Aluminium Nov contract future prices had closed at 103 per kg on Monday down by 0.05 rupees against previous close of 103.05. MCX Aluminium Nov contract opened down at 102.90 this morning and last traded at 102.10 down by 0.90 rupees as selling pressure seen in the aluminium.

In MCX Aluminium Nov contract major resistance is seen at 106 and 107.5 while major supports will be 100.2 and 98.70.

Short term traders can sell MCX Aluminium Nov contract near 103.50 with the stop loss of 104.5 and can wait for the target of 100.3, if MCX Aluminium Nov contract sustains below the level of 103.5 it can touch the level of 100.2 and 98.70 levels. Short Term traders should keep use proper stop loss, said Tarang Parmar, Research Analyst with CommodityOnline.

RSI for 14 days in MCX Aluminium Nov contract is at 38.13 levels it shows that prices may go further down in upcoming days.