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Aluminium trading view for intraday and short term trader

Aluminum  February  contract  settled  at  105.95  down  by  0.50  Rupees.

Commodity is facing hurdle near 20 weeks SMA that stands near 107 zones. Today price objective for bulls would be 107 any move above that level would bring 108 and more upside. Support is now seen near 105.80 any failure below this level would take it to 105-104 zones.

 

Trading range for the day is expected among the key support at 98 and resistance at 110.

 

Recommendation:

  • Buying can be taken around 106.10-105.90 with stop loss below 105 for targeting 107-108 and more upside might be appropriate.
  • In alternative scenario selling can be taken below 105 with stop loss above 10106.50 for targeting 104-103 and more down side might be appropriate. 

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