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Technical Analysis
Aluminium view according to chart
Posted by
16-Apr-14 02:20PM
Aluminum April contract settled at 110.20 down by 1.75 Rupees. Existence of Bearish harami at the top of move dragged down prices and metal headed an intraday low of 109.50 which was also supported by 10 days SMA and horizontal support line. Today price objective for bears would be 109.50 any sustained move below that level would bring 108.30 and more down side. Resistance is now seen near 111.80 and then we may see a retest to 112.50-112.70 zones. Resistance would be 113.50 and above that 115 is likely.
For chart image click: http://prntscr.com/3agulk
Aluminium trading range for the day is expected among the key support at 109 and resistance at 111.
Recommendation:
Ø Today buying aluminum around 110.20-110.30 with stop loss below 109.50 for targeting 111 and more upside.
Ø In alternative scenario selling below 109.50 with stop loss above 110.30 for targeting 108.60-108 and more down side.
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