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Technical Analysis
Aluminium Shooting Star Pattern on Daily Chart 4-07-2014
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04-Jul-14 03:14PM
Aluminum July contract settled at 114.40 up by 0.25 rupees. Aluminum headed an intraday high of 115.10 for the day but could not hold above 115 and settled with a shooting star like candlestick formation. However, technical indicators MACD and Stochastic are positively biased but it is time to stay cautious for in this metal. Today price objective for bulls would be 115.10 and move above that level would bring 117-119 in coming days. Support is now seen near 113.80 any failure of this level would bring 113 on cards. Key support remains at 110 for current move and any failure below that level would confirm trend reversal in this commodity.
Aluminium trading range for the day is expected among the key support at 113.7 and resistance at 115.10
Recommendation:
Today again buying aluminum above 115.10 with stop loss below 114.30 for targeting 116-117 and more upside might be appropriate.
In alternative scenario selling below 113.70 with stop loss above 114.50 for targeting 113 and more down side might be appropriate.
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