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MCX Aluminium will gain, buying recommended
Edited by : AL CIRCLE
1 min read
MCX Aluminium yesterday traded with the positive node and settled 0.68% up at 110.65 tracking gains in other base metals counters. US credit rating agency Moody’s downgraded Ireland’s credit rating from BAA3 to BA1 and maintained a negative outlook for the country’s rating, which indicated the European debt crisis had spread into Ireland.
On the other side, debt default risk increased in the US since the country failed to reach an agreement for lifting its debt ceiling with the deadline approaching. In yesterday's trading session aluminium has touched the low of 109.1 after opening at 110.15, and finally settled at 110.65.
For today's session MCX Aluminium July contract is looking to take support at 109.5, a break below could see a test of 108.4 and where as resistance is now likely to be seen at 111.85, a move above could see prices testing 112.6.
Intraday traders can buy MCX Aluminium July contract near 110.3 with the stop loss of 109.1 and can wait for the targets of 111.5 and 112.2.
On the other side, debt default risk increased in the US since the country failed to reach an agreement for lifting its debt ceiling with the deadline approaching. In yesterday's trading session aluminium has touched the low of 109.1 after opening at 110.15, and finally settled at 110.65.
For today's session MCX Aluminium July contract is looking to take support at 109.5, a break below could see a test of 108.4 and where as resistance is now likely to be seen at 111.85, a move above could see prices testing 112.6.
Intraday traders can buy MCX Aluminium July contract near 110.3 with the stop loss of 109.1 and can wait for the targets of 111.5 and 112.2.
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