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Technical Analysis
3 black crows candlestick pattern on Aluminium daily chart
Posted by
29-Apr-14 01:39PM
Aluminum April contract settled at 108.80 down by 1.60 Rupees. Metal is witnessing 3 black crows candlestick pattern on daily chart along with bearish divergence on stochastic attracting more bears to jump in. Metal failed to sustain top formed earlier in April 2014 near 113.50 and started falling again after hitting a high of 114. Today price objective for bears would be 108.70 any sustained move below this level would bring 108 areas of 108 may serve as good support but if metal fails to hold that level then we may see 107.45-106 before expiry. Resistance is now seen near yesterday’s high that stands near 111.30 any sustained recovery above that level may bring some change in trend and then we may see 112.50 and more.
For Chart Image Click: http://prntscr.com/3ehm3j
Aluminium trading range for the day is expected among the key support at 108 and resistance at 111.
Recommendation:
· Today again selling aluminum on jumps around 109.70-110 with stop loss above 111.50 for targeting 107.50-106.10 and more down side might be appropriate.
· In alternative scenario selling below 108.70 with stop loss above 109.50 for targeting 108-107.40 and more down side might be appropriate.
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