Aluminum March contract settled at 107.20 down by 1.20 Rupees. Metal close well below rising trend line on very short term time frame. Today price objective for bulls would be 108.90 any sustained move above that level would bring some charm back in this commodity and then we may see 110 and more upside. Stability below 108.90 remains bearish for this commodity. Support is now seen near 106.60 any failure below that level would bring 105.50-104.50 and more downside.
Aluminum trading range for the day is expected among the key support at 105 and resistance at 110.
Â· Selling can be taken around 107.3-107.60 with stop loss above 108.90 for targeting 107-106.30 and more down side.
Â· Today buying above 108.90 with stop loss below 108.30 for targeting 109.40-110 and more upside might be appropriate.
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