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Aluminium Outlook for intraday 2.05.2012Back

Aluminum May contract settled at 106.35 down by 1.25 Rupees. Aluminum opened with a gap and continued moving down side and settled nearer the low of session’s trading range. Stochastic approaching oversold territory and MACD is falling below line zero indicating strong down trend in this commodity. Today price objective for bears is now placed at 106.10 any sustained move below this level would bring 105-104 on cards. Resistance is now seen near 107.10 any recovery above that level would bring some charm and then commodity may try heading towards 108-109 and more upside.

Aluminium trading range for the day is expected among the key support at 105.5 and resistance at 108.

Recommendation:

·         Buying above 107.10 with stop loss below 106.30 for targeting 108-109-110 and more upside in short term.

·         Selling below 105.90 with strict stop loss above 106.40 for targeting 105.20-104.60 and more down side. 

Aluminium Outlook for intraday 2.05.2012
 
 
 
Posted on: 02-May-2014 | Posted by: NIFM | Comment('0')
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