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Aluminium Daily Outlook 03.09.2014Back

Aluminum September contract on MCX settled at 127.35 up by 65 paisa.Overbought reading on stochastic is preventing bulls to jump in and metal is fluctuating near key resistance area. Today price objective for bears would be 126 moves below that level would bring 125-124. Resistance will remain at 129 and move above that level would bring 130-131 and any closing above 131 would bring more charm in this commodity and then we may see 134-137 and more upside.

Aluminium trading range for the day is expected among the key support at 126.5 and resistance at 129.

Recommendation:

Today selling aluminum below 126.50 with stop loss above 127.50 for targeting 125-124 and more down side might be appropriate.

In alternative scenario buying above 129 with stop loss below 128 for targeting 130-131 and more upside might be appropriate.

Aluminium Daily Outlook 03.09.2014
 
 
 
Posted on: 03-Sep-2014 | Posted by: NIFM | Comment('0')
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