MCX aluminium formed a short-term pull-back in the last few sessions. It reached the junction of the 40-day exponential moving average, the daily upper Bollinger Band, the 40-week exponential moving average and the 38.2% retracement mark. From these multiple hurdles the base metal can start the next leg down. In terms of price pattern it has formed a triangular pattern and is ready for a bearish break-out. Thus, unless the level of 117 is crossed on a closing basis aluminium may be expected to tumble down. The 20-day moving average (113.60) will act as a key support from a short-term perspective. The subsequent levels on the downside will be 111.60 and 109.80.
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