STEELGURU
Aluminum futures may go down further on MCX
Edited by : AL CIRCLE
1 min read
Commodity reported that MCX Aluminum October contract traded with the negative node and settled -1.31% down at 106.75 as the European debt bailout negotiation bogged down again overnight following a rating cut for Spain and divergence on EFSF expansion.
Later Fed said that the US economy continued to grow slowly in September but with a dim outlook which led to a selling wave for stocks and commodities at the tail of previous day’s trading.
In yesterday's trading session Aluminum futures has touched the low of 106.65 after opened at 108.05 and finally settled at 106.75. For today's session market is looking to take support at 105.5, a break below could see a test of 104.8 and where as resistance is now likely to be seen at 107.9, a move above could see prices testing 109.
MCX Aluminium Oct contract trading range is 104.8 to 109. Intraday traders can sell MCX Aluminum near 107.2 with the stop loss of 108.1 and can wait for the targets of 106.1 and 105.5.
Later Fed said that the US economy continued to grow slowly in September but with a dim outlook which led to a selling wave for stocks and commodities at the tail of previous day’s trading.
In yesterday's trading session Aluminum futures has touched the low of 106.65 after opened at 108.05 and finally settled at 106.75. For today's session market is looking to take support at 105.5, a break below could see a test of 104.8 and where as resistance is now likely to be seen at 107.9, a move above could see prices testing 109.
MCX Aluminium Oct contract trading range is 104.8 to 109. Intraday traders can sell MCX Aluminum near 107.2 with the stop loss of 108.1 and can wait for the targets of 106.1 and 105.5.
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