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Aluminum futures on a slope and rally may continue at down side
Edited by : AL CIRCLE
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Commodity reported that MCX Aluminum June contract traded with the positive node and settled 0.44% up at 113.5 before the US Federal Reserve said that the pace of economic recovery is slower than expected and it will keep benchmark interest rate at an extraordinary low level in a long term. Ben Bernanke’s remark triggered market concerns over the US and even the global economic recovery and US stocks slumped and US dollar index strengthened as a result.
In yesterday's trading session Aluminum futures has touched the low of 112.65 after opened at 113.35 and finally settled at 113.5. For today's session Aluminum futures is looking to take support at 112.3, a break below could see a test of 111.6 and where as resistance is now likely to be seen at 113.9, a move above could see prices testing 114.3. Aluminum trading range is 111.6 to 114.3.
Intraday traders can sell MCX Aluminum June contract near 114 with the stop loss of 115.2 and can wait for the targets of 112.5 and 111.6.
In yesterday's trading session Aluminum futures has touched the low of 112.65 after opened at 113.35 and finally settled at 113.5. For today's session Aluminum futures is looking to take support at 112.3, a break below could see a test of 111.6 and where as resistance is now likely to be seen at 113.9, a move above could see prices testing 114.3. Aluminum trading range is 111.6 to 114.3.
Intraday traders can sell MCX Aluminum June contract near 114 with the stop loss of 115.2 and can wait for the targets of 112.5 and 111.6.
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