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Technical Analysis
Aluminium Technical Outlook for intraday 22.07.14
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22-Jul-14 01:09PM
Aluminum July contract settled at 121.35 down by 2.65 rupees. Aluminum has settled well above key resistance of 120 and indicates more bullishness. Today price objective for bulls would be 121.60 above that it will try heading towards 123-127 zones in short term. Support is now seen near 118 any sustained move below that level would bring some weakness and then we may see 116 and more down side.
Aluminium trading range for the day is expected among the key support at 120 and resistance at 124.
Recommendation:
Today again buying aluminum on declines around 120.50-120 with stop loss below 118 for targeting 122-124 and more upside might be appropriate.
In alternative scenario buying above 121.60 with stop loss below 121 for targeting 122.70-124 and more upside might be appropriate.
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